Tyson Foods to sell TNT Crust pizza crust business to Peak Rock Capital

Peak Rock Capital acquisition of TNT Crust : US meat processing company Tyson Foods has agreed to offload TNT Crust, its pizza crust business, to an affiliate of Texan private equity firm Peak Rock Capital for an undisclosed price.

TNT Crust, which was established in 1981, produces partially-baked and self-rising pizza crusts which it supplies to national and regional restaurants, pizza manufacturers, and foodservice distributors.

Robert Pistilli – Managing Director of Peak Rock Capital, commenting on Peak Rock Capital acquisition of TNT Crust, said: “TNT represents an exciting opportunity to invest in an industry leader within the large and growing pizza category.

“We look forward to completing a seamless transition of the business from Tyson 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 Capital acquisition of TNT Crust, subject to customary closing conditions, is expected to be wrapped up in September.

TNT Crust employs over 400 people at two manufacturing pizza crust plants in Green Bay, Wisconsin. Peak Rock Capital is expected to retain the workforce post acquisition.

Commenting on Peak Rock Capital acquisition of TNT Crust, Sally Grimes – Group President, Prepared Foods, Tyson Foods, said: “TNT Crust is a solid business supported by a great team, however, our strategy is focused on expanding Tyson Foods’ leadership position in protein.

“We’re pleased Peak Rock Capital plans to continue operating the business and provide continued opportunities for the workforce. We intend to work closely with them to ensure a smooth ownership transition for everyone, including our team members and customers.”

For Peak Rock Capital, the acquisition of TNT Crust represents its seventh food and beverage investment in recent times. The Texan private equity firm’s current investments in the food sector include Sweet Harvest Foods, Berner Food & Beverage, Diamond Crystal Brands and Gold Coast Bakeries.

Commenting on Peak Rock Capital acquisition of TNT Crust, Anthony DiSimone – CEO of Peak Rock, said: “This transaction is another example of Peak Rock’s deep experience in executing complex carveout 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.”

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