MINNEAPOLIS — Basic Mills, Inc. on June 22 finalized its acquisition of TNT Crust LLC from an affiliate of non-public equity agency Peak Rock Money, Austin, Texas. Financial terms of the transaction ended up not disclosed.
Headquartered in St. Charles, Mo., TNT Crust is a manufacturer of frozen pizza crusts for regional and national pizza chains, foodservice distributors and retailers. The enterprise had about $100 million in product sales in 2021.
When the transaction was 1st declared in mid-Might, Shawn O’Grady, team president of North The us foodservice for Common Mills, explained the acquisition would progress the company’s “accelerate” tactic and create on its solid position in the rapidly-developing away-from-dwelling frozen baked items category. He also additional that TNT would increase scale in a class that is “on pattern with customers and poised for continued swift expansion.”
Since attaining TNT in a corporate carve-out from Tyson Meals in late 2018, Peak Rock has supported the firm’s strategic development and operational initiatives, which includes increasing capacity at its services in Green Bay, Wis., and opening a new manufacturing facility in St. Charles. Peak Rock also supported the launch of a far better-for-you product line to fulfill growing desire in its finish markets.
“Peak Rock has played a critical job in supporting the company’s formidable growth strategies via investments in the company’s folks, innovation abilities and generation capacity,” said Kyle Heberle, chief govt officer of TNT.
“We are pretty proud of the achievement that TNT has obtained under our possession,” said Robert Pistilli, controlling director of Peak Rock. “The corporation has been through transformational development, which includes the opening of a new producing facility, which is expected to produce a lot more than 100 new work opportunities, and the improvement of an field main greater-for-you plant in a plant. We glance forward to looking at the company’s ongoing achievement under Common Mills.”
Evercore served as money adviser, Goldman Sachs was co-adviser, and Kirkland & Ellis LLP acted as the legal adviser to the company on the transaction.