04 SepPeak Rock Capital closes deal for TNT Crust
AUSTIN, TEXAS — Private equity firm Peak Rock Capital on Sept. 4 completed its acquisition of TNT Crust from Tyson Foods, Inc. Based in Green Bay, Wis., TNT produces partially-baked and self-rising pizza crusts for frozen pizza manufacturers and food service customers. Financial terms of the transaction were not disclosed.
TNT has two manufacturing plants in Green Bay that employ a total of 400.
“TNT represents an exciting opportunity to invest in an industry leader within the large and growing pizza category,” said Robert Pistilli, managing director of Peak Rock Capital. “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.”
In addition to closing the transaction Peak Rock Capital has hired several key executives to run the business.
Scott McNair has been named chief executive officer of the company. Mr. McNair most recently was president and c.e.o. of MAC7 and earlier was president and c.e.o. of MaMa Rosa’s Pizza, Inc. He also has been c.e.o. of Eddy Foods, president of The Schwan Food Co., group vice-president of Tyson Foods, Inc., director of ConAgra Foods, and area sales manager at Nestle.
John Holland has been named chief financial officer. Prior to joining TNT, Mr. Holland was interim c.f.o. at JTM Foods. Earlier in his career he was c.f.o. and vice-president of operations for the pizza division at Aryzta L.L.C. and also was c.f.o. and chief operating officer at Great Kitchens, Inc.
Kent Reschke has joined as general manager, overseeing the facilities in Green Bay. Mr. Reschke most recently was general manager of DePere Cabinet, but earlier he spent more than 25 years as vice-president and general manager of TNT Crust.
Based in Austin, Peak Rock Capital is a middle market investor. The acquisition of Tyson’s pizza crust business is the firm’s seventh recent transaction in the food and beverage space. Other food businesses included in the group’s portfolio are the private label manufacturer Berner Food and Beverage, Diamond Crystal Brands, Gold Coast Bakeries, Sweet Harvest Foods and Natural American Foods.
“This transaction is another example of Peak Rock’s deep experience in executing complex carveout transactions,” said Anthony DiSimone, c.e.o. of Peak Rock. “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.”