Hormel Foods has sold its Diamond Crystal Brands business to a Texas private equity firm for an undisclosed price.
Diamond Crystal, which is based in Savannah, Ga., caters to the food service business and makes single-serve products such as salt, sugar and condiment packets. Peak Rock Capital of Austin, Texas, said Tuesday it has agreed to buy Diamond Crystal.
Hormel will retain Hormel Health Labs, which provides nutritional foods and beverages to those with special diet needs.
Austin, Minn.-based Hormel bought Diamond Crystal in 2002 from Imperial Sugar for $115 million. At the time of the sale, Diamond Crystal generated almost $200 million in annual sales. Hormel doesn’t break out sales for Diamond Crystal.