Hostess Sells Twinkies Brand to Investment Firms

[Eugene]

Source: New York Times

BY MICHAEL J. DE LA MERCED

8:53 p.m. | Updated

Twinkies and Ding Dongs are back from the dead.

Hostess Brands, the now bankrupt owner of the cream-filled confections, agreed on Tuesday to sell the snacks — along with Ho Hos, Sno Balls and Dolly Madison Zingers — to two investment firms with a shared history of corporate turnarounds.

The deal, worth $410 million, was struck nearly four months after the last Twinkie rolled off the baking lines.

[font size=1]-snip-[/font]

The new owners will be Apollo Global Management and Metropoulos & Company, which owns Pabst Blue Ribbon and Vlasic pickles. C. Dean Metropoulos, the food industry veteran who leads the firm that bears his name, is expected to become the chief executive of the snack business.

[font size=1]-snip-[/font]


Read more: http://dealbook.nytimes.com/2013/03/12/hostess-picks-apollo-led-group-as-new-owner-of-twinkies/

[longship]

1. Sno-Balls!!

Love the coconut!

They will be missed by me.

[RILib]

2. They're still selling other parts of the business.

Sno balls (gak) may return, I assume.

[grahamhgreen]

3. Should have sold it to the workers.

[Kablooie]

4. Mmm-mmm! Investment firm snacks! Sounds delicious!

[Kahuna]

5. What about Devil Dogs??

[Earth_First]

6. That $410 million should be used to recompensate employees' pension funds...

In the waning days of Hostess; company executives were using pension fund contributions as wages and operation costs.

Although I'm sure they were able to find a bankruptcy judge to dismiss further obligation to these benefits once they emerged and sold the brand.