MINNEAPOLIS — General Mills continues its portfolio reshaping strategy by entering a definitive agreement to acquire frozen pizza crust manufacturer TNT Crust, currently under Peak Rock Capital.
“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.
TNT Crust manufactures partially baked, self-rising and better-for-you frozen pizza crusts for regional and national pizza chains, food distributors and retail outlets. The crust manufacturers’ business has leveraged its products and relationships with key foodservice distributors and pizza chain operators to drive net sales over the past four years, totaling about $100 million in 2021.
As a part of the acquisition, General Mills will also acquire three manufacturing facilities, two in Green Bay, WI, and one in St. Charles, MO.
“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,” O’Grady said.