Novelty Hill Advises Fassio Egg Farms in Sale to Cal-Maine Foods
SEATTLE, WA – October 4, 2024: Novelty Hill Capital, a leading middle-market consumer, food and agribusiness investment bank based in Seattle, Washington, is pleased to announce that Utah-based Fassio Egg Farms Inc., a prominent cage-free egg producer, has been acquired by Cal-Maine Foods Inc. (NASDAQ: CALM). For over a century, Fassio Egg Farms has been a staple of conventional and cage-free egg production, contributing to Western US regional economies and setting standards for ethical farming practices.
The transaction, exclusively advised by Novelty Hill Capital, signals an important step for the egg industry as it adapts to the changing landscape of agricultural food production and consumer expectations.
“The integration of Fassio’s assets significantly bolsters our capabilities, particularly in cage-free egg production,” Sherman Miller, CEO of Cal-Maine Foods, said. “We’re thrilled to build upon our footprint in Utah and the broader Western market, honoring Fassio’s reputation for quality since 1915 and reinforcing our commitment to customers and shareholders.”
The deal includes the acquisition of Fassio’s assets, which comprise commercial shell egg production and processing facilities in Erda, Utah, outside Salt Lake City.
Vinnie Fassio, owner of Fassio Egg Farms, reflected on the family-owned company’s journey and the significance of the acquisition: “Working with Novelty Hill Capital preserved the legacy of Fassio Egg Farms, while paving the way for an exceptional outcome for our family. Their strategic insight and dedication to our vision throughout the process was an invaluable resource in completing this transaction.”
Fassio added, “Joining forces with Cal-Maine Foods opens exciting new opportunities for the farming and production operations, employees, and communities we serve while maintaining the integrity and excellence that Fassio Egg Farms has built over the past century. The combined resources of Fassio and Cal-Maine will assist in navigating the changing industry landscape and opportunities that lie ahead.”
Michael Barber, CEO and Managing Director of Novelty Hill Capital, expressed his enthusiasm for the successful acquisition, stating, “This transaction is a testament to Novelty Hill Capital’s dedication to serving our client’s best interests and bringing the breadth and depth of our M&A experience to bear, ensuring their strategic objectives are met with the highest standards of excellence. This is more than a deal. This a strategic step forward for Fassio Egg Farms and a clear indication of our capability to navigate complex negotiations to secure the best possible outcome for our clients.”
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