An affiliate of Austin, Texas-based Peak Rock Capital, a middle-market private equity firm, has completed the previously announced acquisition of TNT Crust, a manufacturer and distributor of pizza crusts, from Tyson Foods Inc.
Founded in 1981, TNT’s products include partially baked, self-rising, flat breads and other pizza crusts for the foodservice and retail channels. TNT has a diverse customer base, including blue chip national and regional restaurants, pizza manufacturers and foodservice distributors. Headquartered in Green Bay, Wisconsin, and operating out of two BRC-certified manufacturing facilities, the company has “built an excellent reputation in the industry for its outstanding product quality, innovative product solutions and unmatched customer service,” says Peak Rock.
“TNT represents an exciting opportunity to invest in an industry leader within the large and growing pizza category,” said Robert Pistilli, managing director of Peak Rock. “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.”
This transaction is the seventh recent food and beverage investment that Peak Rock has made. Peak Rock’s current investments in the food space include Sweet Harvest Foods, a producer and distributor of honey; Berner Food & Beverage, a manufacturer of dairy-based shelf-stable snacks and beverages; Diamond Crystal Brands, a manufacturer and distributor of portion controlled and single-serve food and beverage products; and Gold Coast Bakeries, a manufacturer of specialty and organic breads, buns and rolls.
“This transaction is another example of Peak Rock’s deep experience in executing complex carveout transactions,” said Anthony DiSimone, Peak Rock CEO. “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.”
Effective with the transaction, Scott McNair has been named CEO of the company. McNair brings more than 30 years of executive experience in the industry, previously serving as president and CEO of MaMa Rosa’s Pizza and in senior leadership roles with Schwan’s Co. and Tyson Foods.
Additionally, TNT has named John Holland CFO. Holland previously served as CFO and COO of Aryzta’s Pizza Division, Great Kitchens and Cousins Foods. Kent Reschke has joined as GM, overseeing the facilities in Green Bay. Reschke previously served as GM of TNT Crust for more than 25 years from 1991 to 2016.