General Mills has acquired TNT Crust with the intention of expanding their foodservice presence. We all know General Mills as the maker of many of our favorite cereals and snacks, but they also have a healthy business presence among quick-serve restaurants and other away-from-home areas. The acquisition will give General Mills access to the foodservice distributors, retail outlets, and national pizza chains with which TNT already has relationships, relationships that netted sales of approximately $100 million for TNT in 2021. The makers of partially baked, self-rising pizza crusts will thus be a natural and lucrative fit within General Mills’ portfolio.
“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.
Cash on hand and short-term borrowing is how the acquisition will be funded, with a closing expected in the first quarter of fiscal year 2023. It will be subject to regulatory approval and any other closing conditions that may come up. The acquisition also provides General Mills with three new manufacturing facilities, two of which are in Green Bay, Wisconsin, one in St. Charles, Missouri.
TNT Crust is currently a Peak Rock Capital Company.