American meals conglomerate Common Mills, which owns the Pillsbury Dough model, is to amass native pizza-crust enterprise TNT Crust.
Common Mills is shopping for Wisconsin-based TNT Crust from private-equity agency Peak Rock Capital, which has owned the enterprise for almost 4 years.
TNT Crust manufactures frozen pizza crusts for regional and nationwide pizza chains, meals service distributors and stores. Its whole gross sales in 2021 had been roughly US$100m.
As a part of the deal, Common Mills will obtain two manufacturing services in Inexperienced Bay, Wisconsin, in addition to a producing facility in St. Charles, Missouri.
Sean O’Grady, group president of Common Mills’ meals service enterprise in North America, mentioned the deal “builds on our sturdy place within the quickly rising, away from dwelling, frozen-baked-goods class.
“We’ve clear aggressive benefits in meals service with our strategic buyer partnerships, best-in-class provide chain and operator-first innovation capabilities. By including the high-growth TNT Crust enterprise to our frozen baked-goods platform, we’re including our scale to a class that’s on development with shoppers and poised for continued speedy development. ,
Within the 9 months to February 27, Common Mills’ North American meals service enterprise generated web gross sales of $1.32bn, up 24% from a yr earlier, with elevated mobility and a revival of the sector in comparison with the early months of COVID-19. Helped to open. -19 pandemic. Section working revenue elevated 27% to $175m.
Common Mills mentioned that, on a two-year, compound-growth foundation, relative to pre-pandemic ranges, the division’s web gross sales had been down 4%. On that foundation, section working revenue dropped 13%.
The acquisition of TNT Crust is predicted to be finalized by Common Mills within the first quarter of fiscal yr 2023.
TNT Crust was owned by American meat big Tyson Meals earlier than being bought to Peak Rock Capital in 2018.
Simply Meals has requested TNT Crust for its touch upon the deal.