Months after the last Twinkie rolled off the assembly lines at Hostess Brands, the cream-filled icon appears set for a revival.
Hostess said on Tuesday that it had picked a partnership of two investment firms, Apollo Global Management and Metropoulos & Company, as the new owner of its snack cake business, officially concluding the sale of the bankrupt baker’s most prized assets.
Apollo and Metropoulos bid $410 million for the Hostess brands, the company said. It added that it received no other “qualified†bids for the brands, which also include Dolly Madison.
The sale still requires the approval of the federal bankruptcy judge overseeing Hostess’ Chapter 11 case. A hearing has been tentatively scheduled for March 19.
“The agreement results in significant value for our stakeholders and we look forward to putting the proposed transaction before the court next week,†Gregory F. Rayburn, Hostess’ chairman and chief executive, said in a statement.
Hostess was advisedby Perella Weinberg Partners and the law firm Jones Day.
