Kroger jettisons Turkey Hill
The Kroger Co. is selling its Turkey Hill dairy business to an affiliate of Peak Rock Capital, an Austin, Texas-based private-equity firm.
According to the sale agreement, the Peak Rock Capital affiliate will continue to operate Turkey Hill out of its Conestoga, Pa., facility, retaining the nearly 800 full-time, part-time and seasonal associates who work there and manufacturing products under the Turkey Hill brand.
Turkey Hill manufactures a full line of iced teas, fruit drinks, milk, frozen dairy novelties and a range of ice cream products. Kroger revealed last August that it planned to explore strategic options for the business, including a potential sale. In April 2018, the company sold 762 convenience stores, including 260 operated under the Turkey Hill banner, to U.K. gasoline and convenience retailer EG Group for $2.15 billion.
“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,” noted Erin Sharp, group VP for Kroger Manufacturing. “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.”