The Kroger Co. and Peak Rock Capital, a middle-market private equity firm based in Austin, have announced a definitive agreement for the sale of Kroger’s Turkey Hill business to an affiliate of Peak Rock Capital. Turkey Hill produces a full line of iced teas, fruit drinks, milk, frozen dairy treats, and a variety of ice cream products.
As part of the sale agreement, the Peak Rock Capital affiliate will continue to operate the Turkey Hill business out of its large Conestoga, Pa., facility with its nearly 800 full-time, part-time, and seasonal associates and under the same recognizable Turkey Hill brand.
“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,” said 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 standalone entity and partnering with Turkey Hill’s management team to drive significant growth through continued product innovation.”Press release