Peak Rock affiliate acquires TNT Crust from Tyson Foods

US-based private equity firm Peak Rock Capital’s affiliate has completed the previously announced acquisition of pizza crusts producer and distributor TNT Crust from Tyson Foods.

Financial terms of the deal announced last month were not disclosed.

Following the acquisition, more than 400 team members who are employed at TNT’s two manufacturing facilities located in Green Bay, Wisconsin, will continue with the company under the new owner.

TNT produces partially baked and self-rising pizza crusts for frozen pizza manufacturers and foodservice customers.

Peak Rock Capital managing director Robert Pistilli said: “TNT 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 standalone entity in the near-term and working with the management team to drive significant growth and support TNT’s customers with continued product innovation.”

It would be the seventh recent transaction for the firm in the food and beverage segment.

Peak Rock’s current investments in the food segment include Sweet Harvest Foods, Berner Food and Beverage, Diamond Crystal Brands, and Gold Coast Bakeries.

Peak Rock Capital CEO Anthony DiSimone said: “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.”