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Hostess finds a Buyer, Twinkies to Make a Comeback
Posted By Nicole On March 14, 2013 @ 7:33 am In Food News | No Comments
A few months ago, Hostess, the maker of Twinkies and Wonder Bread, announced that it was going out of business for good. The fate of the iconic brands that it produced – beloved treats that many people grew up eating and had a strong sense of nostalgia about – seemed uncertain. The news that no more would be produced or sold prompted a rush on classics like Twinkies and Ding Dongs, and they started selling for outrageous prices online to people looking for one last taste of childhood. Hostess called for bids for some of its brands, but it wasn’t until this week that the call was answered and a buyer was found to save Twinkies.
Hostess and Dolly Madison products, which include Hostess Twinkies and Dolly Madison Zingers, were sold to the private equity firms Apollo Global Management (APO) and Metropoulos & Co. for a total of $410 million. That sale price also included five of Hostess’s bakeries, which produced the snack cakes. A statement from Dean Metropoulos said that they look forward to reopening the bakeries, hiring back some of the Hostess work force and having Twinkies back on store shelves as soon as this summer.
Other Hostess Brands have been or will be sold to other companies. Flowers Foods purchased most of Hostess’ bread brands in February for $360 million, including the Wonder, Nature’s Pride, Merita, Home Pride and Butternut bread brands, in addition to 20 Hostess bakeries. Bids are still currently being considered for Hostess’ Drake’s brand, which includes Drake’s Coffee Cake, Ring Dings, Yodels, Devil Dogs and Yankee Doodles.
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