US: Peak Rock buys renamed honey supplier Groeb Farms
Private-equity firm Peak Rock Capital has acquired US-based honey supplier Groeb Farms from bankruptcy protection.
Peak Rock will assume control of the business, now known as Natural American Foods, from Chapter 11 protection after it reportedly loaned US$30m to the company.
The honey producer applied for Chapter 11 after allegedly buying Chinese honey through other countries to avoid anti-dumping tariffs.
Robert Strauss, managing director of Peak Rock Capital, insisted Natural American Foods had a "strong competitive position as an established producer of high quality honey".
He added: "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."
Rolf Richter, part of that management team and CEO of Natural American Foods said Peak Rock had helped the business "establish a strong, well-capitalised foundation".
Richter, who joined the honey supplier last July and played a role in the sale to Peak Rock Capital, said: "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."
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