General Mills to buy pizza crust company TNT Crust

General Mills has agreed to acquire TNT Crust, a manufacturer of frozen pizza crusts, from Peak Rock Capital for an undisclosed sum. 

US-based TNT Crust offers partially baked, self-rising and better-for-you pizza crust products to regional and national pizza chains, foodservice distributors and retail outlets.

As part of the purchase, General Mills will acquire two manufacturing facilities in Green Bay, Wisconsin, and a manufacturing facility in St Charles, Missouri, that TNT Crust purchased in 2020.

Shawn O’Grady, group president of North America foodservice at 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”.

He continued: “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”.

The transaction is expected to close in the first quarter of fiscal 2023 and is subject to regulatory approval and other conditions.