Peak Rock Buys Turkey Hill

Peak Rock buys Turkey Hill. 
   
Peak Rock Capital buys Turkey Hill Dairy from Kroger. 
   
Turkey Hill makes a line of popular iced teas, fruit drinks, milk, ice creams, and frozen dairy treats at its production and distribution facility in Conestoga. The dairy was founded in 1931 and expanded into convenience stores in 1967. Kroger bought both the dairy and Minit Markets in 1985. Kroger sold all its convenience stores to EG Group for $2.15 billion in 2018.
Erin Sharp of Kroger Manufacturing said: ‘We believe this is the right step to make sure the Turkey Hill business can meet its full potential and continue to grow its successful ice cream and beverage brands. Throughout this process, we were 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.’
Andrea Nikolaus of Turkey Hill said: ‘We are excited about the new possibilities and opportunities that the sale will provide for our future. And for now, it’s business as usual for us. We are going to keep making and sharing the great frozen treats and drinks that our customers have come to expect from Turkey Hill. There are no changes planned for our products or our leadership team.’
Robert Pistilli of Peak Rock said: ‘Turkey Hill is 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 of Peak Rock added: ‘We believe that Turkey Hill is a platform for growth through near-term organic initiatives and strategic acquisitions. We will be aggressively pursuing complementary acquisitions to extend the product and brand portfolio.’
Kirkland & Ellis acted as adviser to Peak Rock Capital. 

Goldman Sachs acted as exclusive financial adviser to Kroger.

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