Weekly Digest May 18

Weekly M&A Digest
A curated selection of transactions and deals from the past week.
Would you like to see more deals from a specific industry? Contact us to request recent transactions from our deal professionals.

Deal Summary

General Mills to acquire TNT Crust

General Mills (NYSE: GIS), a multinational manufacturer and marketer of branded consumer foods, announced the acquisition of TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets from Peak Rock Capital. As part of the acquisition, General Mills will also acquire two manufacturing facilities in Green Bay, Wisconsin and one manufacturing facility in St. Charles, Missouri.

“This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category…We have clear competitive advantages in Foodservice with our strategic customer partnerships, best-in-class supply chain, and operator-first innovation capabilities. By adding the high-growth TNT Crust business to our frozen baked goods platform, we are adding to our scale in a category that is on trend with consumers and poised for continued rapid growth.” - Shawn O’Grady, Group President of North America Foodservice at General Mills.

Campari Group to acquire Picon

Campari Group, a significant player in the global spirits industry, announced the acquisition of Picon Brand from Diageo for €119 million. With specific reference to France, the transaction aims to reinforce the Group’s position in this strategic market, in line with other recent transactions, including the acquisitions of French rums Trois Rivières and La Mauny (2019), as well as Champagne Lallier (2020).

Holcim to acquire Izolbet

Holcim Ltd (SWX: HOLN), a producer of building materials and solutions, announced the acquisition of Izolbet, one of the leading players in the specialty building solutions market in Poland

“Specialty building solutions have been a key focus for expanding Solutions & Products in Europe, notably with the recent acquisitions of PRB Group in France and PTB-Compaktuna in Belgium. I’m excited to be welcoming all of Izolbet’s employees into the Holcim family to unleash our next chapter of growth together." - Miljan Gutovic, Region Head EMEA.

Chiltern Capital to acquire International Decorative Surfaces from Saint-Gobain

Chiltern Capital, a private equity firm, announced the acquisition of International Decorative Surfaces, a specialist flooring, worktop, and laminate distributor in the UK, from Saint-Gobain.

“IDS has been a longstanding distributor of decorative surfaces in the UK market, and we look forward to continuing our partnerships with our trusted customer and supplier base. With Chiltern and Tony’s support, we will build on our leading market position, as well as expanding our product offering, to drive faster growth.” – John Bagshaw, Managing Director at Chiltern Capital.

Nucor to Acquire C.H.I. Overhead Doors from KKR

Nucor Corporation (NYSE: NUE), a manufacturer of steel and steel products, announced the acquisition of C.H.I. Overhead Doors (“C.H.I.”), a leading manufacturer of overhead doors for residential and commercial markets in the United States and Canada, from KKR, for $3 billion.

"Acquiring C.H.I. is another step in our long-term strategy to expand into areas that are a natural extension of our business and leverage our efficient manufacturing model. C.H.I. is a highly profitable organization built with an amazing team and culture. It has consistently proven its strength and competitive advantages due to its broad product suite, very short lead times, robust delivery infrastructure and focused customer service…Acquiring C.H.I. allows Nucor to further enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets. As with the acquisitions Nucor made in the past year in insulated metal panels and racking, C.H.I. increases the overall long-run value of the organization with businesses that have strong free cash flow characteristics, robust growth prospects and fit with Nucor's capabilities." - Leon Topalian, President, and CEO at Nucor Corporation.

The transaction is expected to close this year, subject to customary closing conditions and regulatory approvals.

SOURCES