GIS - General Mills agrees to acquire TNT Crust

General Mills (NYSE:GIS) has agreed to acquire frozen pizza crust maker, TNT Crust. Financial terms of the deal were not disclosed. The transaction, expected to close in the first quarter of fiscal 2023, will be funded using cash on hand and short-term borrowings. TNT Crust, currently a portfolio company of Peak Rock Capital, makes partially baked, self-rising and better-for-you pizza crusts that complement General Mills’ existing frozen baked goods portfolio. The business has seen double-digit compound annual net sales growth over the past four years, with net sales totaling ~$100M in 2021. Shawn O’Grady, Group President of North America Foodservice, General Mills said, "This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category. We have clear competitive advantages in Foodservice with our strategic customer partnerships, best-in-class supply chain, and operator-first innovation capabilities. By adding the high-growth TNT Crust business to

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General Mills agrees to acquire TNT Crust