An affiliate of private equity firm Peak Rock Capital is acquiring food service company Diamond Crystal Brands Inc. from Hormel Foods Corporation (NYSE: HRL). The deal, for undisclosed terms, is slated to close in the second quarter. DCB, based in Savannah, Georgia, offers a range of portion-control and single-serve foods and beverages, including Skippy peanut butter in a cup. Hormel purchased DCB for $65 million in cash from Sugarland,Texas-based Imperial Sugar Co. in 2001. Hormel is a prolific strategic buyer in the middle market and the winner of Mergers & Acquisitions’ 2013 M&A Mid-Market Award for Deal of Year for its $700 million acquisition of the Skippy peanut butter brand from Unilever plc (NYSE: UL). Recently, Hormel has been snatching up brands that leverage the growth of the millennial and Hispanic U.S. populations, as Fred Halvin, vice president of corporate development for Hormel tells Mergers & Acquisitions in this video. The Austin,Minnesota-based company’s brands include sandwich and breakfast meats, Chi Chi Mexican products, Muscle Milk and Applegate natural and organic meat offerings. Peak Rock, based in Austin, Texas, invests in a slew of food and beverage companies, including honey producer Natural American Foods; dairy-based snacks provider Berner Foods & Beverage; and Highline Mushrooms, a producer and distributor of mushrooms in North America. Peak Rock says its purchase of Diamond Crystal “represents an excellent platform for growth through near-term organic initiatives and strategic acquisitions.”