Thursday April 11, 2013
Hostess Sells Last Major Assets
White Plains, NY — Hostess Brands Inc.’s Drake’s snack cake brand and four of its northwest regional bread brands have been sold in two separate transactions totaling about $58.4 million after a bankruptcy judge approved the sales yesterday. This marks the final sale of Hostess' major cake and bread assets.
McKee Foods Corp. purchased Drake's brand Ring Dings, Yodels, Devil Dogs, Yankee Doodles, Sunny Doodles and Drake's Coffee Cake for $27.5 million. Affiliates of the United States Bakery bought Drake's brands Sweetheart, Eddy’s Standish Farms and Grandma Emile's breads, four bakeries and related assets for $30.9 million.
Hostess has yet to sell its remaining property, equipment and other remaining assets.