USA, Springdale, Ark. Tyson Foods, Inc. has reached an agreement to sell its pizza crust business to an affiliate of private equity firm Peak Rock Capital. Terms were not disclosed; however, the two companies hope to complete the deal in September.
The sale includes TNT Crust, a business that produces partially-baked and self-rising pizza crusts for frozen pizza manufacturers and foodservice customers. The more than 400 team members employed at two manufacturing facilities in Green Bay, Wisconsin, are expected to continue with the company under the new owner.
“TNT Crust is a solid business supported by a great team, however, our strategy is focused on expanding Tyson Foods’ leadership position in protein,” said Sally Grimes, Group President, Prepared Foods.
Goldman, Sachs & Co. is acting as Tyson Foods’ financial adviser on the sale.