Tyson Foods to sell pizza crust business to Peak Rock Capital

US-based meat producer Tyson Foods has reached an agreement with an affiliate of private equity firm Peak Rock Capital to sell pizza crust business TNT Crust.

Established in 1981, TNT Crust produces partially baked and self-rising pizza crusts for frozen pizza manufacturers and foodservice customers.

Tyson Foods and Peak Rock Capital expect to complete the deal by September this year.

Tyson Foods’ prepared foods group president Sally Grimes said: “TNT Crust is a solid pizza crust business supported by a great team, however, our strategy is focused on expanding Tyson Foods’ leadership position in protein.”

TNT Crust currently employs more than 400 people at two manufacturing facilities in Green Bay, Wisconsin. Its employees are expected to continue with the company under the new owner.

Grimes continued: “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.”

Goldman, Sachs & Co served as Tyson Foods’ financial adviser on the sale.

In June this year, Tyson Foods signed an agreement to sell its Sara Lee Frozen Bakery and Van’s businesses to New York-based private equity firm Kohlberg. Under the deal, Tyson Foods sold its Chef Pierre, Bistro Collection and Van’s brands, as well as a licence for the use of the Sara Lee brand in certain channels.