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General Mills To Buy Frozen Pizza Crust Maker TNT Crust; Financial Terms Not Disclosed

Branded food company General Mills, Inc. (GIS) Wednesday announced that it has entered into a definitive agreement to acquire TNT Crust, a manufacturer of frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets. The financial terms of the deal were not disclosed.

As part of the acquisition, General Mills will also acquire two manufacturing facilities in Green Bay, Wisconsin, and one manufacturing facility in St. Charles, Missouri.

The transaction is expected to close in the first quarter of fiscal 2023, subject to regulatory approval and other closing conditions.

TNT Crust is currently a portfolio company of Peak Rock Capital. TNT Crust manufactures partially baked, self-rising and better-for-you pizza crusts that are highly complementary to General Mills' existing frozen baked goods portfolio. TNT Crust business recorded double-digit compound annual net sales growth over the past four years, with net sales totaling approximately $100 million 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."

The company intends to fund the acquisition with cash on hand and short-term borrowings.

In the deal, Jones Day is serving as legal adviser to General Mills. Evercore is advising TNT Crust.

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