Austin, Texas-based Peak Rock Capital has announced the close of its sale of TNT Crust to General Mills Inc.
Headquartered in St. Charles, Missouri, TNT is a provider of partially baked and self-rising pizza crusts. TNT serves a blue-chip customer base, including foodservice distributors, national pizza chains and retail brands.
“Peak Rock has played a critical role in supporting the company’s ambitious growth plans through investments in the company’s people, innovation capabilities and production capacity,” said Kyle Heberle, CEO of TNT. “I would also like to recognize the tireless work and dedication of our talented staff in supporting our valued customer base with excellent products and service. We are excited to join the General Mills team and look forward to further accelerating our growth in the years to come.”
Since acquiring TNT in a corporate carve-out from Tyson Foods in late 2018, Peak Rock has supported the company’s strategic growth and operational initiatives, including increasing capacity at its Green Bay, Wisconsin, facilities, opening a production facility in St. Charles and launching the product line to meet growing demand.
“We are very proud of the success that TNT has achieved under our ownership,” said Robert Pistilli, managing director of Peak Rock. “The company has undergone transformational growth including the opening of a new manufacturing facility, which is expected to create more than 100 new jobs, and the development of an industry leading better-for-you plant within a plant. We look forward to seeing the company’s continued success under General Mills.”
Evercore served as financial advisor, Goldman Sachs was co-advisor, and Kirkland and Ellis acted as the legal advisor to the company on the transaction.
Peak Rock Capital is a middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock’s equity investment platform focuses on opportunities where it can support senior management to drive rapid growth and performance improvement, with expertise in corporate carve-outs and partnering with families and founders seeking first-time institutional capital.
For further information, visit peakrockcapital.com.