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.