Twinkies finds buyer
Thursday , March 14, 2013 - 2:53 PM
This is the former Hostess thrift shop in Ogden. (Standard-Examiner file photo)...
OGDEN — The maker of Twinkies may have a buyer.
However, there is no word yet if a bid by Apollo Global Management and Metropoulos & Co. for the Hostess Brand Inc. includes bakeries in the Top of Utah.
Apollo and Metropoulos agreed to pay $410 million to purchase several snack cake brands, five bakeries and certain equipment.
Representatives of the purchasing companies said they were not commenting at this time.
The brands include Hostess and Dolly Madison products, which include items such as Twinkies, Ho Hos and Ding Dongs.
“The agreement results in significant value for our stakeholders and we look forward to putting the proposed transaction before the court next week,” Hostess Brands Chairman and Chief Executive Officer Gregory F. Rayburn said in a news release.
The transaction will go before the U.S. Bankruptcy Court for the Southern District of New York on Tuesda, for approval.
Officials said no other qualified bids were received for those assets.
Flowers Foods, Inc. previously agreed to pay $360 million for the majority of the bread business assets, in a deal that included brands, 20 bakeries, 38 depots and other assets.
In a Feb. 28 auction, Grupo Bimbo won a bid to buy the Beefsteak bread brand for $31.9 million.
Hostess will auction off its Drake’s, Sweetheart, Standish Farms, Grandma Emilie’s and Eddy’s brands on Friday.
Irving, Texas-based Hostess shut its doors in November and began to sell off its brands and other major assets.
Across the country, Hostess shut down 36 bakeries, 242 depots and 216 retail stores.
About 600 workers in Utah, about half of whom were in Ogden, lost their jobs after the closure.STORY:201303130003Twinkies finds buyer/Business/2013/03/13/Twinkies-finds-buyer.html-1