Peak Rock Capital, an Austin, Texas-based middle-market private equity firm, announced plans to acquire Kroger's Turkey Hill business. As part of the agreement, a Peak Rock Capital affiliate will continue to operate the Turkey Hill business out of its Conestoga, Pa., facility with its nearly 800 associates and under the same Turkey Hill brand.
"We believe this is the right step to ensure the Turkey Hill business can meet its full potential and continue to grow its successful ice cream and beverage brands," says Erin Sharp, group vice president for Kroger Manufacturing, Cincinnati. "Throughout this process, we were extremely impressed with Peak Rock's professionalism and vision for the future of the Turkey Hill business. We look forward to working with them to ensure a smooth and successful transition for all parties."
"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,” adds Robert Pistilli, managing director of Peak Rock Capital. “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 stand-alone entity and partnering with Turkey Hill's management team to drive significant growth through continued product innovation."
"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," says Anthony DiSimone, chief executive officer of Peak Rock Capital.
Turkey Hill produces a full line of milk, frozen dairy treats and ice cream products.