General Mills announced that it has entered into a definitive agreement to acquire TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets. TNT Crust is currently a portfolio company of Peak Rock Capital.
TNT Crust manufactures partially baked, self-rising and better-for-you pizza crusts that are highly complementary to General Mills’ existing frozen baked goods portfolio. The TNT Crust business has leveraged its differentiated products and strong relationships with key foodservice distributors and pizza chain operators to drive double-digit compound annual net sales growth over the past four years, with net sales totaling approximately $100 million in 2021.
As part of the acquisition, General Mills will also acquire two manufacturing facilities in Green Bay, Wisc., and one manufacturing facility in St. Charles, Mo.
The company intends to fund the acquisition with cash on hand and short-term borrowings. The transaction is expected to close in the first quarter of fiscal 2023, subject to regulatory approval and other closing conditions.