MINNEAPOLIS, May perhaps 11, 2022–(Business WIRE)–Common Mills (NYSE: GIS) today introduced that it has entered into a definitive agreement to obtain TNT Crust, a producer of higher-top quality frozen pizza crusts for regional and countrywide pizza chains, foodservice distributors, and retail shops. TNT Crust is now a portfolio corporation of Peak Rock Cash.
“This acquisition improvements our Accelerate tactic and builds on our potent situation in the quickly-rising away-from-house frozen baked products classification,” mentioned Shawn O’Grady, Team President of North The united states Foodservice, Typical Mills. “We have crystal clear aggressive benefits in Foodservice with our strategic buyer partnerships, finest-in-class supply chain, and operator-very first innovation abilities. By adding the significant-growth TNT Crust business enterprise to our frozen baked goods system, we are including to our scale in a category that is on development with consumers and poised for ongoing rapid development.”
TNT Crust manufactures partially baked, self-rising and improved-for-you pizza crusts that are extremely complementary to Normal Mills’ current frozen baked items portfolio. The TNT Crust small business has leveraged its differentiated merchandise and strong interactions with key foodservice distributors and pizza chain operators to push double-digit compound annual net product sales development around the earlier four several years, with net revenue totaling approximately $100 million in 2021.
As element of the acquisition, Basic Mills will also receive two production amenities in Green Bay, Wisconsin, and 1 producing facility in St. Charles, Missouri.
The enterprise intends to fund the acquisition with money on hand and shorter-time period borrowings. The transaction is envisioned to close in the to start with quarter of fiscal 2023, subject matter to regulatory approval and other closing disorders.
Jones Working day is serving as authorized adviser to Standard Mills for the transaction. Evercore is advising TNT Crust and Goldman Sachs & Co. LLC is co-advising Kirkland & Ellis is serving as TNT Crust’s authorized adviser.
About Standard Mills
General Mills makes food the entire world enjoys. The enterprise is guided by its Accelerate technique to drive shareholder value by boldly developing its models, relentlessly innovating, unleashing its scale and staying a drive for good. Its portfolio of beloved brand names involves family names this kind of as Cheerios, Mother nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and additional. Headquartered in Minneapolis, Minnesota, United states of america, Typical Mills produced fiscal 2021 net gross sales of U.S. $18.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. $1.1 billion.
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