Kroger: Completes Sale of Türkiye Hill Business

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.