Twinkies for Sale by Summer? Two Firms Seek to Buyout Hostess for $410 Million
Twinkies could potentially return on store shelves by the summer after two buyout firms agreed to purchase the Hostess and Dolly Madison cake brands.
Hostess was given a joint offer of $410 million from Apollo Global Management, LLC. and Metropoulos & Co. on Tuesday, according to Bloomberg. The offer was initially picked as a starting amount for an auction but no other qualified bids were submitted.
The sale is not yet complete and must be approved by the U.S. Bankruptcy Court, and a hearing to approve the sale of the Hostess and Dolly Madison cake brands will be held on March 19. The approval is also pending for the sale of Wonder and other bread brands to be bought by Flower Foods.
Metropoulos & Co. CEO and founder Dean Metropoulos released a statement noting the firm is looking forward to having Twinkies "on the shelf by this summer." Metropoulos continued on about wanting to revive the famous snack cake:
"We are very pleased to have the opportunity to bring back 'America's favorite snack'. Apollo and I are proud to be associated with such an outstanding set of brands. This transaction will ensure the beloved Hostess snack cakes can continue to be enjoyed for years to come."
The cream-filled snack was taken off the market when Hostess filed for bankruptcy in November of 2012. The company was forced to shut down operations after a union dispute and a devastating strike. About 18,000 workers were put out of a job when the company closed.
Hostess previously filed for bankruptcy twice with the first instance in 2004 and then again in January 2012.
The buyout of Hostess also means that Ding Dongs and Ho Hos will return to retailers along with Twinkies. Fans of the snack can also purchase two boxes of twenty Twinkies for $34 on Amazon while they are still in stock.