General Mills to acquire pizza-crust business TNT Crust

Minneapolis – General Mills will acquire TNT Crust, a manufacturer of frozen pizza crusts for regional and national U.S. pizza chains, food service distributors, and retail outlets.

TNT Crust is currently a portfolio company of 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, in a news release.

TNT Crust manufactures partially baked, self-rising pizza crusts.

The business reports double-digit compound annual net sales growth through foodservice distributors and pizza chain operators over the past four years, with net sales totalling approximately $100 million US in 2021.

As part of the acquisition, General Mills will also acquire two manufacturing facilities in Green Bay, Wis., and one manufacturing facility in St. Charles, Mo.

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