Kroger, a large supermarket chain with nearly 2,000 stores in the United States, announced that it would be selling its Turkey Hill brands, including the namesake grocery store chain, to the private equity firm Apollo Global Management in a $2.3 billion transaction.
The acquisition is part of Kroger’s plan to divest its food and beverage businesses in order to focus on its core grocery business.
Turkey Hill is a well-known grocery store chain with over 1,000 stores in Pennsylvania, Maryland, and Virginia. The company was founded in 1936 and has been owned by Kroger since 1994.
The Turkey Hill brands include the namesake grocery store chain, as well as stores that sell convenience foods, bakery goods, and groceries.
The sale of Turkey Hill is likely part of Kroger’s plan to divest its food and beverage businesses in order to focus on its core grocery business. The private equity firm Apollo Global Management is a well-known buyer of food and beverage businesses, and the acquisition of Turkey Hill will add to its existing grocery brands.
The acquisition is likely to be a positive for the Turkey Hill stores, as they will continue to operate under the Kroger banner and will likely benefit from the Kroger distribution network.
