US food giant General Mills has announced the acquisition of TNT Crust, a manufacturer of high-quality frozen pizza crusts for pizza chains, foodservice distributors, and retail outlets, from Peak Rock Capital.
According to sources, TNT Crust products are highly complementary to General Mills’ existing frozen baked goods portfolio. With this acquisition, General Mills aims to invest in its portfolio reshaping strategy and expand the “Away-from-Home” category.
Shawn O’Grady, Group President of North America Foodservice of General Mills said: “This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category. We have clear competitive advantages in foodservice with our strategic customer partnerships, best-in-class supply chain, and operator-first innovation capabilities. 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.”
General Mills’ portfolio includes brands like Cheerios, Haagen-Dazs or Yoplait and generated $18.1 billion net sales in 2021.
The transaction is expected to be completed in the first quarter of 2023.
Sources: General Mills