AUSTIN, Texas, March 20, 2019 /PRNewswire/ -- An affiliate of Peak Rock Capital ("Peak Rock"), a leading middle-market private equity firm, announced today that it has signed a definitive agreement to acquire the Turkey Hill Dairy business ("Turkey Hill"), a leading manufacturer and distributor of ice cream, refrigerated drinks, and dairy products, from The Kroger Co. (NYSE: KR).
Founded in 1931, Turkey Hill is a leading manufacturer and distributor of ice cream, refrigerated drinks, and dairy products for the retail, foodservice, and alternative channels. Turkey Hill has a diverse customer base, including blue chip grocers, distributors, wholesalers, and convenience stores. Headquartered in Conestoga, Pennsylvania and operating out of an SQF Level 3 manufacturing facility, Turkey Hill has built a strong reputation in the industry for its broad product offering, outstanding quality, and unmatched customer service.
Robert Pistilli, Managing Director of Peak Rock, said, "Turkey Hill represents an exciting opportunity to invest in a premier brand with an established reputation for quality, flavor variety, and authenticity, within the large and growing ice cream and refrigerated drinks space. We are impressed with the accomplishments of the business under the stewardship of Kroger, and look forward to completing a seamless transition of the business to a standalone entity and partnering with Turkey Hill's management team to drive significant growth through continued product innovation."
Anthony DiSimone, Chief Executive Officer of Peak Rock, added, "This transaction further exemplifies Peak Rock's deep experience and capability in executing complex carve-out transactions. It also highlights our continued interest in attractive assets in the food and beverage industry. We believe that Turkey Hill represents an excellent platform for growth through near-term organic initiatives and strategic acquisitions. We will be aggressively pursuing complimentary acquisitions to extend the product and brand portfolio."
The acquisition of Turkey Hill represents Peak Rock's eighth current investment in the food and beverage industry. Peak Rock's current investments in the food and beverage industry include:
- Berner Food & Beverage, a manufacturer of dairy-based beverages and shelf-stable snacks;
- Diamond Crystal Brands, a manufacturer and distributor of portion control and single serve food and beverage products;
- Gold Coast Bakeries, a manufacturer of specialty and organic breads, buns, and rolls;
- Louisiana Fish Fry, a manufacturer of branded, Louisiana-inspired food products;
- Pretzels, Inc., a supplier of pretzels and snack products;
- Sweet Harvest Foods, a producer and distributor of honey; and
- TNT Crust, a manufacturer of pizza crusts.
The parties expect the transaction, which is subject to customary closing conditions, to close in Kroger's fiscal Q1 2019.
ABOUT TURKEY HILL DAIRY
Founded in 1931, Turkey Hill is a leading manufacturer and distributor of ice cream, refrigerated drinks, and dairy products for the retail, foodservice, and alternative channels. Turkey Hill has a diverse customer base, including blue chip grocers, distributors, wholesalers, and convenience stores.
ABOUT PEAK ROCK CAPITAL
Peak Rock Capital is a leading middle-market private equity firm that makes equity and debt investments in companies in North America and Europe. Peak Rock focuses on investing in opportunities where it can support senior management in driving rapid growth and profit improvement through operational and strategic change. Peak Rock's principals have deep expertise in complex situations, carve-outs, and cross border transactions, with the ability to provide tailored capital solutions and close transactions quickly where speed and certainty are priorities. For further information about Peak Rock Capital, please visit www.peakrockcapital.com.
SOURCE Peak Rock Capital