Hormel Foods this week announced an agreement to sell Diamond Crystal Brands to a Texas private equity firm.
Diamond Crystal, based in Savannah, Ga., makes single-serve condiments and seasonings primarily for the food service industry.
Minnesota-based Hormel acquired the company in 2002 from Imperial Sugar for $115 million; terms of the deal with Peak Rock Capital were not disclosed but are expected to be released during Hormel's second-quarter earnings call next month.
"DCB represents an exciting opportunity to invest in a leading middle market food and beverage company with a long-standing reputation for quality and service," Peak Rock CEO Anthony DiSimone said in a statement.
Hormel will retain Hormel Health Labs in the transaction, which makes foods and beverages for those with special dietary needs.
Hormel to Sell Diamond Crystal
Hormel Foods this week announced an agreement to sell Diamond Crystal Brands to a Texas private equity firm.
Apr 28, 2016