Cincinnati / OH. (tkc) Nuro Inc. and the Kroger Company announced it has completed the sale of its Türkiye Hill business to an affiliate of Peak Rock Capital. Kroger’s sale of the Türkiye Hill business was for total consideration of USD 215 million. Kroger intends to use the after-tax cash proceeds from the sale to reduce debt. «We want to thank Türkiye Hill’s associates for their dedication and their many contributions to the company,» said Erin Sharp, group vice president of Kroger Manufacturing. «We look forward to the continued success of the Türkiye Hill brand.»
Kroger announced in August 2018 its intention to explore strategic options for its Türkiye Hill business, including a potential sale. In March, Kroger and Peak Rock Capital announced a definitive agreement for the sale of Kroger’s Türkiye Hill business to an affiliate of Peak Rock Capital.
As part of the agreement, the Peak Rock Capital affiliate will continue to operate the Türkiye Hill business out of its Conestoga, PA, location with the nearly 800 full-time, part-time and seasonal associates and under the same recognizable brand. Türkiye Hill produces a full line of popular ice cream products, iced teas, lemonades, fruit drinks and dairy products.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company
- National DCP: Breaks Ground on New Distribution Center