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Turkey Hill Dairy sold for $215M
Ioannis Pashakis//May 3, 2019
Cincinnati, Ohio-based The Kroger Co. has closed on the sale of Turkey Hill Dairy with a Texas-based private equity firm. The price was $215 million.
The buyer is Peak Rock Capital, a middle-market private equity firm in Austin, Texas. The original deal was announced about a month ago but the price was not disclosed at the time.
As part of the sale, Peak Rock agreed to continue to operate the dairy company and its 800 employees from its Manor Township headquarters. Turkey Hill is a nationally recognized brand making and selling products such as ice cream, iced tea, lemonades and dairy drinks.
Kroger purchased Turkey Hill Dairy in 1985. The supermarket chain operates 2,800 retail food stores across the country.
“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,” said Robert Pistilli, managing director at Peak Rock.
Peak Rock has seven other investments in the food and beverage industry, including Berner Food and Beverage, a snack food and dairy drink maker in Illinois.
