Tyson Foods Inc. said Aug. 9 that it agreed to sell its pizza crust business TNT Crust to an affiliate of private equity firm Peak Rock Capital LLC for an undisclosed sum.
TNT Crust produces partially baked and self-rising pizza crusts to supply frozen pizza manufacturers and foodservice companies. It operates two manufacturing sites in Green Bay, Wis., that currently employ more than 400 people. Those workers are expected to remain after the sale.
Sally Grimes, president of Tyson's prepared foods division, said in a statement that the deal would help the company focus on its strategy of "expanding Tyson Foods' leadership position in protein."
The move follows Tyson's agreement in June to sell its Sara Lee Frozen Bakery and Van's businesses to private equity firm Kohlberg & Co. LLC.
The transaction is targeted for completion in September, with Goldman Sachs & Co. serving as financial adviser to Tyson.