M&A Deal Summary

Peak Rock Capital Acquires Turkey Hill

On March 19, 2019, private equity firm Peak Rock Capital acquired food company Turkey Hill from Kroger

Acquisition Highlights
  • This is Peak Rock Capital’s 7th transaction in the Food sector.
  • This is Peak Rock Capital’s 17th transaction in the United States.
  • This is Peak Rock Capital’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2019-03-19
Target Turkey Hill
Sector Food
Buyer(s) Peak Rock Capital
Sellers(s) Kroger
Deal Type Divestiture

Target

Turkey Hill

Conestoga, Pennsylvania, United States
Turkey Hill is a manufacturer and distributor of branded ice cream and refrigerated drinks for the retail, foodservice, and alternative channels. The Company has a diverse customer base, including blue chip grocers, distributors, wholesalers, and convenience stores.

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Buyer(S) 1

Buyer

Peak Rock Capital

Austin, Texas, United States

Category Private Equity Firm
Founded 2012
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Peak Rock Capital is a generalist private equity firm that makes debt and equity investments in middle-market companies. The Firm targets businesses with $50 million to $1 billion in revenue and can commit up to $500 million per transaction. Sectors of interest include business services, consumer products, distribution, energy services, healthcare, industrials, manufacturing, media, and metals. Peak Rock will consider a variety of transaction situations - from leveraged buyouts and recapitalizations to special situations. Peak Rock is based in Austin, Texas.


DEAL STATS #
Overall 19 of 38
Sector (Food) 7 of 9
Type (Divestiture) 5 of 6
State (Pennsylvania) 1 of 2
Country (United States) 17 of 33
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-24 Pretzels

Bluffton, Indiana, United States

Pretzels bake great-tasting, premium snacks with unique recipes. Pretzel's breadth of products is constantly growing to help customers in grocery, mass, natural, and club channels create one-of-a-kind offerings. Pretzels is a co-manufacturer of pretzels for Dot's Pretzels and several other customers and is a leading innovator in the pretzel category. Pretzels was founded in 1978 and is based in Bluffton, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-05 Rather Outdoors

Springfield, Missouri, United States

Rather Outdoors is an outdoor consumer products company with a portfolio of brands, including Lew’s, Strike King, and Hunters Specialties. Rather Outdoors supplies branded fishing and hunting gear and accessories through the mass market, sporting goods, and specialty outdoor channels.

Sell -

Seller(S) 1

SELLER

Kroger

Cincinnati, Ohio, United States

Category Company
Founded 1883
Sector Retail
Employees500,000
Revenue 150.0B USD (2024)
DESCRIPTION

Kroger operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the United States under a variety of brands. The Kroger was formed in 1883 and is based in Cincinnati, Ohio.


DEAL STATS #
Overall 2 of 3
Sector (Food) 1 of 1
Type (Divestiture) 2 of 3
State (Pennsylvania) 1 of 1
Country (United States) 2 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 You Technology

South San Francisco, California, United States

YOU Technology Brand Services, Inc. is a digital coupon and digital rebate publishing unit. Its cloud-based digital offer platform enables digital offers for redemption at Kroger and retailers in the US.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-14 Albertsons

Boise, Idaho, United States

Albertsons is a food and drug retailer. Albertsons operates under 20 well-known banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs, as well as meal kit company Plated. Albertsons was formed in 1939 and is based in Boise, Idaho.

Buy $24.6B