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General Mills (NYSE: GIS) has successfully acquired TNT Crust, a leading manufacturer of frozen pizza crusts, previously owned by Peak Rock Capital. TNT Crust has shown remarkable growth, achieving approximately $100 million in net sales for 2021, with double-digit annual growth over four years. The acquisition includes two manufacturing facilities in Green Bay, Wisconsin, and one in St. Charles, Missouri, which will enhance General Mills' operational capabilities and market reach in the foodservice and retail sectors.
Positive
Acquisition of TNT Crust enhances product offerings in the frozen food sector.
Addition of three manufacturing facilities supports production capacity and operational efficiency.
Potential for revenue growth through expanded distribution channels.
Negative
None.
MINNEAPOLIS--(BUSINESS WIRE)--
General Mills (NYSE: GIS) today announced it has completed the acquisition of TNT Crust. TNT Crust is a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets. TNT Crust was a portfolio company of Peak Rock Capital.
The TNT Crust business has generated 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 has also acquired two manufacturing facilities in Green Bay, Wisconsin, and one manufacturing facility in St. Charles, Missouri.
About General Mills
General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2021 net sales of U.S.$18.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S.$1.1 billion.
(Investors) Jeff Siemon: +1-763-764-2301
(Media) Kelsey Roemhildt: +1-763-764-6364
Source: General Mills
FAQ
What is the significance of General Mills' acquisition of TNT Crust?
The acquisition is significant as it enhances General Mills' presence in the frozen food market and leverages TNT Crust's strong growth and brand strength.
How much did TNT Crust generate in sales before being acquired by General Mills?
TNT Crust generated approximately $100 million in net sales in 2021.
What manufacturing facilities did General Mills acquire with TNT Crust?
General Mills acquired two manufacturing facilities in Green Bay, Wisconsin, and one in St. Charles, Missouri.
What has been TNT Crust's sales growth trend prior to the acquisition?
TNT Crust has experienced double-digit compound annual net sales growth over the past four years.
