General Mills Acquires Frozen Pizza Crust Maker TNT Crust

  • General Mills Inc GIS has entered into a definitive agreement to acquire TNT Crust, a manufacturer of frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets. The financial terms of the deal were not disclosed.
  • TNT Crust is currently a portfolio company of Peak Rock Capital.
  • GIS expects the acquisition to complement its existing frozen baked goods portfolio. TNT Crust had net sales totaling approximately $100 million in 2021.
  • General Mills will also acquire two manufacturing facilities in Green Bay, Wisconsin, and one manufacturing facility in St. Charles, Missouri.
  • The transaction is expected to close in the first quarter of fiscal 2023.
  • GIS plans to fund the deal with cash on hand and short-term borrowings. It held $844.4 million in cash and equivalents as of February 27, 2022.
  • "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.
  • Price Action: GIS shares are trading higher by 0.43% at $72.05 on the last check Wednesday.

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