Tyson Foods reaches sale agreement on pizza crust businessTyson Foods reaches sale agreement on pizza crust business
Transaction is seventh recent food and beverage investment for Peak Rock Capital.
August 13, 2018
Tyson Foods Inc. announced it has reached an agreement to sell its pizza crust business to an affiliate of private equity firm Peak Rock Capital. Terms were not disclosed; however, the two companies hope to complete the deal in September.
The sale includes TNT Crust, a business founded in 1981 that produces partially baked and self-rising pizza crusts for frozen pizza manufacturers and foodservice customers. The more than 400 team members employed at two manufacturing facilities in Green Bay, Wis., are expected to continue with the company under the new owner.
“TNT Crust is a solid business supported by a great team. However, our strategy is focused on expanding Tyson Foods’ leadership position in protein,” said Sally Grimes, group president for Tyson’s Prepared Foods segment. “We’re pleased Peak Rock Capital plans to continue operating the business and provide continued opportunities for the workforce. We intend to work closely with them to ensure a smooth ownership transition for everyone, including our team members and customers.”
Tyson Foods is also divesting some other bakery operations in order to focus more heavily on the protein sector. It recently completed the sale of its Sara Lee Frozen Bakery and Van’s businesses to private equity firm Kohlberg & Co.
Robert Pistilli, managing director of Peak Rock Capital, said the acquisition represents an exciting opportunity to invest in an industry leader within the large and growing pizza category.
“We look forward to completing a seamless transition of the business from Tyson to a stand-alone entity in the near term and working with the management team to drive significant growth and support TNT’s customers with continued product innovation,” Pistilli said.
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 leading producer and distributor of honey; Berner Food & Beverage, a leading manufacturer of dairy-based shelf-stable snacks and beverages; Diamond Crystal Brands, a leading manufacturer and distributor of portion-control and single-serve food and beverage products, and Gold Coast Bakeries, a leading manufacturer of specialty and organic breads, buns and rolls.
Peak Rock chief executive officer Anthony DiSimone added, “This transaction is another example of Peak Rock’s deep experience in executing complex carve-out transactions. 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.”
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