Turkey Hill business to be sold to an affiliate of Peak Rock Capital
The Kroger Co. and Peak Rock Capital, a leading middle-market private equity firm based in Austin, Texas, announced a definitive agreement for the sale of Kroger’s Turkey Hill business to an affiliate of Peak Rock Capital.
As part of the sale agreement, the Peak Rock Capital affiliate will continue to operate the Turkey Hill business out of its large Conestoga, Penn., facility with its nearly 800 full-time, part-time and seasonal associates and under the same recognizable Turkey Hill brand.
Turkey Hill produces a full line of popular iced teas, fruit drinks, milk, frozen dairy treats and a variety of ice cream products at its manufacturing and distribution facility.
Kroger announced in August 2018 its intention to explore strategic options for its Turkey Hill business, including a potential sale.
Closing is expected during Kroger’s first quarter and the after-tax proceeds will be used to reduce debt.