BLOG

General Mills Expands Away-from-Home Presence with the Acquisition of TNT Crust

10 June 20222 min reading

General Mills, announced that it has entered into a definitive agreement to acquire TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets. 

“This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category,” said Shawn O’Grady, Group President of North America Foodservice, General Mills. “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 our frozen baked goods platform, we are adding to our scale in a category that is on trend with consumers and poised for continued rapid growth.”

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. The TNT Crust business has leveraged its differentiated products and strong relationships with key foodservice distributors and pizza chain operators to drive double-digit compound annual net sales growth over the past four years, with net sales totaling approximately $100 million in 2021.

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 company intends to fund the acquisition with cash on hand and short-term borrowings. The transaction is expected to close in the first quarter of fiscal 2023, subject to regulatory approval and other closing conditions.


Articles in News Category
11 August 20172 min reading

Food Tech Masters training course by Pavan Group

The Pavan Group will offer training of dry pasta processing for plant and production managers, R&am...

20 February 20203 min reading

UFI and SISO release joint statement on coronavirus

Joint UFI/SISO statement on the Coronavirus and the global exhibitions and events industry. UFI is ...