Private equity firm Peak Rock Capital has acquired honey supplier Groeb Farms from bankruptcy protection, according to Just Food.
Groeb Farms has been renamed Natural American Foods and will now be controlled by Peak Rock after the latter reportedly loaned the former $30m. Groeb Farms applied for chapter 11 bankruptcy protection after the honey provider allegedly bought Chinese honey through other countries to avoid anti dumping tariffs.
Robert Strauss, managing director of Peak Rock Capital, stated: “We believe NAF is an excellent platform for expansion through organic growth and strategic add-on acquisitions and are excited to work with the company’s outstanding new management team in pursuing these opportunities.”
CEO of Natural American Foods, Rolf Richter, commented that Peak Rock would help the business “establish a strong well capitalised foundation”. He continued: “Peak Rock’s investment will now allow us to focus our resources on what is most important to our company: making the highest quality honey products for our commercial and retail customers.”
Source: Just Food