For Immediate Release

Turkey Hill Announces Significant Ice Cream Expansion With Acquisition Of Arkansas Production Facility

LANCASTER, PA — June 3, 2020 — Turkey Hill LLC ("Turkey Hill" or the "Company"), a leading manufacturer and distributor of branded ice cream and refrigerated drinks, today announced that it has acquired an ice cream and novelty production facility in Searcy, Arkansas from Yarnell Ice Cream, LLC ("Yarnell's"), a subsidiary of Schulze & Burch Biscuit Company.

The newly acquired 100,000 square foot production facility is SQF-certified and manufactures high-quality ice cream and frozen novelty products across various sizes and formats. The addition of this facility further expands Turkey Hill's production capacity, capabilities, and geographic reach.

Rob Pistilli, Managing Director of Peak Rock Capital, commented, "We are delighted that Turkey Hill has closed this acquisition. This investment comes with significant capacity expansion and novelty production capabilities that will enhance Turkey Hill's brand appeal and ability to service and grow its loyal customer base. We are enthusiastic about Turkey Hill's progress to-date, and this investment is a testament to Peak Rock's support of the Company's continued growth and expansion."

Tim Hopkins, CEO of Turkey Hill, added, "The addition of this facility in Arkansas highlights the Company's commitment to geographic expansion. Over the last year, Turkey Hill has experienced strong and growing consumer demand nationwide, and the strategic location of this facility will enable us to serve consumers across the United States for years to come. We look forward to welcoming the employees at the Searcy facility to our Turkey Hill family."

Turkey Hill's existing footprint already includes one of the largest production facilities of ice cream and refrigerated drinks in the country - a state-of-the-art facility located in Conestoga, Pennsylvania, which is powered by 100% renewable energy and situated on 72+ acres along the Susquehanna River. Within its flagship facility, Turkey Hill is also executing on its previously announced investment plan, which includes capacity and personnel expansion, investments across existing production lines, and facility enhancements to support its associates.

Concurrent with the transaction, Turkey Hill has entered into a co-manufacturing agreement whereby it will continue to produce ice cream for the Yarnell's brand, which will be retained by Schulze & Burch Biscuit Company.

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