Tuesday March 19, 2013
McKee Set To Buy Hostess Drake’s Brand
New York, NY — Hostess Brands, Inc. will sell its Drake’s snack cake business to McKee Foods Corp., owner of Little Debbie, for $27.5 million upon approval from the U.S. Bankruptcy Court in April.
An auction for Drake’s was cancelled after no other qualified bids were submitted. The sale includes Drake’s Coffee Cake, Ring Dings, Devil Dogs and other products.
CEO Mike McKee says: “McKee Foods is a family-owned bakery, similar to how Drake’s was established as a family bakery 125 years ago. We have generations of experience in baking, and we will strive to bake the Drake’s cakes, not just for taste and quality, but also to deliver on the memories of the loyal Drake’s fans.”