| Acquisitions |
Acquisition of Creighton Brothers, LLC March 2, 2026 , the Company acquired the shell egg, egg products, and prepared foods assets of Creighton Brothers LLC and including Crystal Lake LLC (“Creighton”). The acquired assets include commercial shell egg production and grading with capacity of approximately 3.2 million layers, including 500 thousand cage-free layers, and 865 thousand pullets, a feed mill, 1,007 acres of land, as well as an egg products and hard-cooked egg processing facility located near Warsaw, Indiana. The following table summarizes the consideration paid for Creighton and the value of assets acquired and liabilities assumed recognized at the acquisition date (in thousands):
$ 128,784 Recognized amounts of identifiable assets acquired and liabilities assumed Inventories $ 16,504 Prepaid expenses and other current assets 890 Property, plant & equipment 101,883 60 119,337 Accounts payable and other current liabilities (553) Total identifiable net assets 118,784 Goodwill 10,000 $ 128,784 Inventories consisted primarily of flock, feed ingredients, packaging, and egg inventory. Flock inventory was valued at carrying value as management believes that its carrying value best approximates its fair value. Feed ingredients, packaging and egg inventory were all valued based on market prices as of March 2, 2026. Property, plant and equipment were valued utilizing the cost approach and market approach. Machinery and equipment were valued utilizing the cost approach which is based on replacement or reproduction costs of the assets and subtracting any depreciation resulting from physical deterioration and/or functional or economic obsolescence. Land and buildings were valued utilizing the market approach by using a real estate valuation. Goodwill recorded in connection with the Creighton acquisition is primarily attributable to improved efficiencies from integrating the assets of Creighton with the operations of the Company. The Company recognized goodwill of $ 10.0 the acquisition. Acquisition of Clean Egg, LLC Effective October 10, 2025 , the Company acquired certain assets of Clean Egg, LLC (“Clean Egg”) based in Langwood, Texas, 23.7 million. The assets acquired included 677 thousand brown cage-free and free-range layers and pullets and other inventory, machinery and equipment related to its contract production and egg processing business. The Company 10.2 million as a result of the acquisition. The Company accounted for the acquisition as a business combination. Acquisition of Echo Lake Foods, LLC Effective June 2, 2025 , the Company acquired Echo Lake Foods, LLC and certain related companies (collectively “Echo Lake Foods”). Echo Lake Foods is based in Burlington, Wisconsin and produces, packages, markets and distributes prepared foods, including pre-cooked egg patties, omelets, folded and scrambled egg formats, pancakes and waffles. The Company accounted for the acquisition as a business combination. The Company finalized the business combination accounting during the second quarter of fiscal 2026, which resulted in immaterial measurement period adjustments. The following table summarizes the consideration paid for Echo Lake Foods and the value of assets acquired and liabilities assumed recognized at the acquisition date (in thousands):
$ 275,406 Recognized amounts of identifiable assets acquired and liabilities assumed Cash $ 115 Investment securities available -for-sale 14,147 31,923 Inventories 21,601 Prepaid expenses and other current assets 3,131 Property, plant & equipment 151,697 36,800 259,414 Accounts payable and other current liabilities (14,114) Total identifiable net assets 245,300 Goodwill 30,106 $ 275,406 Cash and accounts receivable acquired along with liabilities assumed were valued at their carrying value which approximates fair value due to the short maturity of these instruments. Inventories consisted primarily of raw materials, supplies and finished goods. Raw materials and supplies were valued at their carrying value as management believes that their carrying value best approximates their fair value. Finished goods were valued using both the bottom -up and top-down approach. The bottom -up approach measures the value of inventory as the value created by the target company (i.e., the costs incurred, profit realized, and tangible and intangible assets utilized) pre-acquisition date. The top-down approach measures the value of inventory as the incremental inventory value created by the market participant buyer as part of its selling effort to an end customer (i.e., the costs that will be incurred, the profit that will be realized, and the tangible and intangible assets that will be utilized) post-acquisition date. Property, plant and equipment were valued utilizing the cost approach and market approach. Machinery and equipment were valued utilizing the cost approach which is based on replacement or reproduction costs of the assets and subtracting any depreciation resulting from physical deterioration and/or functional or economic obsolescence. Land and buildings were valued utilizing the market approach by using a real estate valuation. Intangible assets consisted primarily of customer relationships and a trade name. Customer relationships were valued using the multi-period excess earnings method and the trade name was valued using the relief-from-royalty method. Goodwill represents the excess of the purchase price of the acquired business over the acquisition date fair value of the net assets acquired. Goodwill recorded in connection with the Echo Lake Foods acquisition is primarily attributable to projected synergies from integrating the operations of Echo Lake Foods with the operations of the Company. The Company recognized goodwill of $ 30.1 million as a result of the acquisition, all of which is deductible for tax purposes. The Company recorded transaction costs of $ 594 thousand in the first quarter of fiscal 2026 and $ 6.6 million in the fourth quarter of fiscal 2025, respectively, as a result of the Echo Lake Foods acquisition, within “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income. Acquisition of Deal-Rite Feeds, Inc. Assets Effective February 3, 2025 , the Company acquired certain assets of Deal-Rite Feeds, Inc. and certain of its affiliates (“Deal-Rite”) 4.7 million. The assets acquired included two feed mills, storage facilities, usable grain, vehicles, related equipment and a retail feed sales business located in North Carolina. The acquired assets will produce and deliver feed to our nearby shell egg production facilities. The Company accounted for the acquisition as a business combination. Property, plant and equipment were valued utilizing the cost approach which is based on replacement or reproduction costs of the assets and subtracting any depreciation resulting from physical deterioration and/or functional or economic obsolescence. Goodwill recorded in connection with the Deal-Rite acquisition is primarily attributable to improved efficiencies from integrating the assets of Deal-Rite with the operations of the Company. The Company recognized goodwill of $ 1.0 million as a result of the acquisition. Acquisition of ISE America, Inc. Assets Effective June 28, 2024 , the Company acquired substantially all of the commercial shell egg production, processing and egg products breaking facilities of ISE America, Inc. and certain of its affiliates (“ISE”). The assets acquired included commercial shell egg production and processing facilities with a capacity at the time of acquisition of approximately 4.7 including 1.0 1.2 million pullets, feed mills, approximately 4,000 acres of land, inventories and an egg products breaking facility. The acquired assets also include an extensive customer distribution network across the Northeast and Mid-Atlantic states, and production operations in Maryland, New Jersey, Delaware and South Carolina. The Company accounted for the acquisition as a business combination. The following table summarizes the consideration paid for the ISE assets and the amounts of assets acquired and liabilities assumed recognized at the acquisition date (in thousands):
$ 111,521 Recognized amounts of identifiable assets acquired and liabilities assumed Inventories $ 20,547 Property, plant and equipment 90,572 710 111,829 Accounts payable and other current liabilities (308) Total identifiable net assets $ 111,521 Inventories consisted primarily of flock, feed ingredients, packaging, and egg inventory. Flock inventory was valued at carrying value as management believes that its carrying value best approximates its fair value. Feed ingredients, packaging and egg inventory were all valued based on market prices as of June 28, 2024. Property, plant and equipment were valued utilizing the cost approach which is based on replacement or reproduction costs of the assets and subtracting any depreciation resulting from physical deterioration and/or functional or economic obsolescence. Intangible assets consisted primarily of customer lists acquired. Customers lists were valued using the income method approac h. Other Acquisitions and Investments Effective May 12, 2026 , the Company acquired certain assets of Van’s Foods business of Sara Lee Frozen Bakey, LLC (“Van’s”) 24.8 million. The assets acquired included trademarks and trade names, customer networks and inventory and will support our prepared foods segment and deliver greater value across the supply chain. The Company accounted for the acquisition as an asset acquisition. Effective September 9, 2024 , the Company completed a strategic investment with Crepini LLC, establishing a new egg products and prepared foods venture. The new entity, located in Hopewell Junction, New York, operates as Crepini Foods LLC (“Crepini”). The Company capitalized Crepini with approximately $ 6.75 million in cash to purchase additional equipment and other assets and fund working capital in exchange for a 51 % interest in the new venture. Crepini LLC contributed its existing assets and business in exchange for a 49 % interest in the new venture. Effective November 30, 2024 , the Company acquired the remaining 9.23 % interest in our majority-owned subsidiary, |