General Mills has acquired TNT Crust, a manufacturer of frozen pizza crusts and a portfolio company of Peak Rock Capital.
TNT Crust manufactures partially baked, self-rising pizza crusts and their net sales were $100 million in 2021.
“This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category,” said Shawn O’Grady, group president of North America foodservice, General Mills. “By adding the high-growth TNT Crust business to our frozen baked goods platform, we are adding to our scale in a category that is on trend with consumers and poised for continued rapid growth.”
Jones Day is serving as legal adviser to General Mills for the transaction. Evercore is advising TNT Crust and Goldman Sachs & Co. LLC is co-advising; Kirkland & Ellis is serving as TNT Crust’s legal adviser.