Thursday March 14, 2013
Hostess Makes A Deal, Summer Relaunch Anticipated
Kansas City, MO — Apollo Global Management, LLC and Metropoulos & Co. have come to an agreement with Hostess Brands, Inc. to pay $410 million for the company's snack cake brands, five bakeries and certain equipment.
Daren Metropoulos, principal at Metropoulos, told Reuters: “Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment. We look forward to having America's favorite snacks back on the shelf by this summer.”
Among the Hostess and Dolly Madison brands included in the transaction are Twinkies, Ho Hos, Ding Dongs and Donettes. The companies will present the bid for approval to the U.S. Bankruptcy Court March 19.
March 15, Hostess will auction off its Drake’s snack cake business and Sweetheart, Standish Farms, Grandma Emile’s and Eddy's bread businesses. The combined stalking horse bids for those assets total approximately $56.6 million.