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Kroger to sell Turkey Hill business to Peak Rock affiliate

The Kroger Co. said it will sell its Turkey Hill business to an affiliate of middle-market private equity firm Peak Rock Capital LLC.

Financial terms of the deal were not made public.

Turkey Hill offers a line of iced teas, fruit drinks, milk, frozen dairy treats and ice cream products. Kroger said in August 2018 that it was exploring strategic options for the business, including a sale.

The deal is expected to close during Kroger's first quarter. The company will use the after-tax proceeds to reduce debt.