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
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