Financial Highlights - FY'20
Proven Acquirer with Successful Track Record and
Tremendous Consolidation Opportunities
Grown Through Strategic Acquisitions
Careful Integration of 22 Companies,
Representing ~47mm Layers
Date
Targets
Layers Acquired (mm)
1989
Egg City
1.3
1990
Sunny Fresh Foods
7.5
Other
1991
1994
Sunnyside Eggs
Wayne Detling Farms
1.8
1.5
63%
1995
A&G Farms
~1.0
1997
1997
1998
Sunbest Farms
Southern Empire Egg Farm
J&S Farms/Savannah Valley Egg
0.6
1.3
0.9
1999
Hudson Brothers
1.2
2000
Smith Farms
3.9
2005
Hillandale Farms (51% Stake)
(1)
4.4
2006
Greenforest Foods (50% Remaining Stake)
~1.0
2007
George's (Shell Egg Division)
~1.0
■
(2)
2008
Zephyr Egg Company
~2.0
2008
Tampa Farms
(3)
~4.0
2012
Pilgrim's Pride Corp (Commercial Egg Operations)
~1.4
2012
Maxim Production Co. (Commercial Egg Assets)
~3.5
2014
Delta Egg Farm (50% JV)
~1.6
2016
Foodonics International (d/b/a Dixie Egg Company)
2017
Happy Hen Egg Farms
~3.1
~0.4 (4)
■
2018
Featherland Egg Farms
2019
Mahard Egg Farm
0.6
~3.9(5)
Highly Fragmented Market
13%
FM
CAL-MAINE FOODS, INC
8%
Rose Acre
Farms
6%
Versova
Holdings
6%
Hillandale
4%
Farms
Daybreak
Foods
EM
Cal-Maine Foods, Inc.
Fragmented market
with top 5 players
representing ~37%
of the total layers in
production
Industry fragmentation will facilitate growth
opportunities
Disciplined M&A approach with proven execution
and integration capability
Meaningful market and company insights to
identify attractive targets
Source: Company filings and Egg Industry Magazine, February 2020.
Note: Data as of December 31, 2019.
(3)
10
(1) Acquired 51% of the units of membership, the remaining 49% of the units of membership in Hillandale
were acquired in essentially equal annual installments over a four-year period.
In addition, the Company acquired the 4Grain® brand of specialty eggs, certain flocks of contract
laying hens and the Seller's 12.88% interest in American Egg Products, giving it ~99.5% ownership
interest in American Egg Products.
(2)
In connection with the acquisition, the Company acquired the Egg-Land's Best franchise for southern
Florida, certain flocks of contract laying hens and Zephyr's 12.58%. interest in American Egg Products,
in which the Company already had a majority interest.
(4)
Acquired site is designed for capacity of up to 1.2mm laying hens.
(5)
Has a permitted capacity for up to 8mm laying hens.View entire presentation