Kroger has completed its sale of the popular ice cream, tea, lemonade, fruit drink and dairy product brand Turkey Hill.
The Cincinnati-based grocer said today that it will use the after-tax cash from the $215 million sale to reduce its debt.
Kroger first announced in August that it was exploring strategic options for the Turkey Hill business, including a potential sale. In March, Kroger and Peak Rock Capital announced a definitive agreement for the transaction, according to a statement.
“We want to thank Turkey 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 Turkey Hill brand.”
The Peak Rock Capital affiliate will continue to operate the Turkey Hill business under the same brand name and out of its Conestoga, Pennsylvania, location with nearly 800 full-time, part-time and seasonal employees, according to a release.
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