An affiliate of Austin, Texas-based Peak Rock Capital, a middle-market private equity firm, announced that it has completed the previously announced acquisition of the Turkey Hill Dairy business from The Kroger Co.
Founded in 1931, Turkey Hill is a manufacturer and distributor of ice cream and refrigerated drinks for the retail, foodservice, and alternative channels. Turkey Hill has a diverse customer base, including blue chip grocers, distributors, wholesalers, and convenience stores, the company says. Headquartered in Conestoga, Pa., 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, it adds.
In a statement, 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.