Tyson Foods has completed the sale of its business, TNT Crust, to private equity firm Peak Rock Capital, the new parent company announced on September 4.
The move was part of Tyson Foods’ shift to divest of its non-protein companies and emphasize its protein portfolio. The TNT transaction was one of many acquisitions, divestitures and investments with which Tyson Foods has been involved over the last 12 months.
Founded in 1981, TNT is a leading manufacturer and distributor of partially baked, self‐rising, flat breads and other pizza crusts for the foodservice and retail channels. TNT has a diverse customer base, including blue chip national and regional restaurants, pizza manufacturers, and foodservice distributors.
Headquartered in Green Bay, Wisconsin, and operating out of two manufacturing facilities, the company has built an excellent reputation in the industry for its outstanding product quality, innovative product solutions and unmatched customer service, according to a press release from Peak Rock Capital.
Robert Pistilli, managing director of Peak Rock Capital, 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.”
Peak Rock’s presence in the food industry
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.
Anthony DiSimone, CEO of Peak Rock, added, “This transaction is another example of Peak Rock’s deep experience in executing complex carveout 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.”
New TNT Crust leadership
Effective with the transaction, Scott McNair has been named Chief Executive Officer of TNT Crust. McNair brings more than 30 years of executive experience in the industry, previously serving as president and CEO of MaMa Rosa’s Pizza and in senior leadership roles with Schwan’s Company and Tyson Foods.
TNT also announced that John Holland became chief financial officer of the Company. Holland previously served as CFO & COO of Aryzta’s Pizza Division, Great Kitchens and Cousins Foods.
Additionally, Kent Reschke has joined as general manager, overseeing the facilities