General Mills grows pizza portfolio with acquisition of crust manufacturer

General Mills, Inc., is acquiring TNT Crust from the private equity firm Peak Rock Capital, Austin, Texas. Terms of the acquisition were not disclosed.

TNT Crust is a manufacturer of frozen pizza crusts for regional and national pizza chains, foodservice distributors and retailers. The business had approximately $100 million in sales 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,” says Shawn O’Grady, group president of North America foodservice for General Mills. “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.”

The acquisition also will include two manufacturing plants in Green Bay, Wis., and St. Charles, Mo.

Peak Rock Capital acquired TNT Crust from Tyson Foods, Inc., Springdale, Ark., in 2018.