Hostess Brands selects winning bidder for majority of snack cake business
Hostess Brands Inc. announced on March 12 that the stalking horse bid submitted by affiliates of Apollo Global Management, LLC, New York, and Metropoulos & Co., Greenwich, Conn., for the majority of the company’s snack cake business, which includes both Hostess and Dolly Madison branded products, will be the bid presented for approval to the U.S. Bankruptcy Court as no other qualified bids were received for those assets.
Apollo and Metropoulos have agreed to pay $410 million to purchase the brands, five bakeries and certain equipment. Among the products included are Hostess’ Twinkies, Ho Hos, Ding Dongs and Donettes snack cakes. The company will ask the U.S. Bankruptcy Court for the Southern District of New York to approve the transaction at a hearing on March 19.