Hostess selects ‘stalking horse’ bid for majority of its snack cake business assets
Hostess Brands Inc. has selected affiliates of Apollo Global Management, LLC and Metropoulos & Co. as the “stalking horse” bidder for the majority of the assets of its snack cake business, which includes both Hostess and Dolly Madison branded products, including the iconic Twinkies brand. Apollo and Metropoulos have agreed to pay $410 million to purchase the brands, five bakeries and certain equipment.
“We are pleased to name Apollo and Metropoulos as the stalking horse bidder for these valuable and beloved brands,” says Hostess Brands chairman and CEO Gregory F. Rayburn. “Interest in these iconic brands has been intense and competitive, and we expect that to continue through a robust, court-authorized auction process. The ultimate goal will be the same we have had since we began marketing all of our assets–to maximize value for all of the company's stakeholders and ensure these great products can be enjoyed by their loyal fans for many years to come.”