Tyson Foods has reached an agreement to sell its pizza crust business, TNT Crust business (TNT), to an affiliate of private equity firm Peak Rock Capital (Peak Rock). Terms of the deal have not been disclosed. However, the two companies hope to complete the deal by September. The transaction is the seventh recent food and beverage investment for Peak Rock.
Founded in 1981, TNT is a manufacturer and distributor of partially baked, self-rising, flatbreads and other pizza crusts for the foodservice and retail channels. TNT has a diverse customer base, including blue chip national and regional restaurants, pizza manufacturers and foodservice distributors.
Headquartered in Green Bay, Wisconsin and operating out of two BRC-certified manufacturing facilities, TNT has built a good reputation in the industry for its outstanding product quality, innovative product solutions and unmatched customer service, according to the company.
Robert Pistilli, Managing Director of Peak Rock Capital, says: “TNT represents an exciting opportunity to invest in a leader within the large and growing pizza category. We look forward to completing a seamless transition of the business from Tyson Foods to a standalone entity in the near-term and working with the management team to drive significant growth and support TNT’s customers with continued product innovation.”
Peak Rock’s current investments in the food space include Sweet Harvest Foods, a producer and distributor of honey, Berner Food & Beverage, a manufacturer of dairy-based shelf-stable snacks and beverages, Diamond Crystal Brands, a manufacturer and distributor of portion control and single-serve food products and Gold Coast Bakeries, a manufacturer of specialty and organic bread.
Anthony DiSimone, CEO of Peak Rock, adds: “This transaction is another example of Peak Rock’s deep experience in executing complex carve-out transactions. It also highlights our continued interest in attractive investments in the food and beverage industry. We believe that TNT represents an excellent platform for growth and we will actively pursue both organic initiatives as well as accretive add-on acquisitions.”
Source: Food Ingredients First
Recent reports reveal The Body Shop will shut up to half of its 198 stores in the UK and cut the size of its head office, incurring hundreds of job losses. According to the firm overseeing the restructuring of the beauty retailer, closures will begin this Tuesday.
Amidst brewing tensions, the US Federal Trade Commission (FTC) and a coalition of states are poised to take legal action as early as next week, aiming to prevent grocery giant Kroger’s $24.6 billion acquisition bid for Albertsons, Bloomberg reported.
The owner of Guinness and Baileys has hired financial service group Rothschild to explore the sale, which includes Pimm’s, fruit liqueur brand Safari and Pampero rum. Each brand could be offloaded individually or as a three, according to Sky News.