Photo by Christian Cable via Flickr Creative Commons
The AP reports Tuesday that a bankruptcy judge has approved the sale of Twinkies to a pair of investment firms, one of which owns the L.A.-headquartered Pabst Brewing Company. The dream of a beer-soaked snack sponge is closer than ever.
Hostess Brands Inc. is selling Twinkies, Ding Dongs, Ho Hos and other brands to Apollo Global Management and Metropoulos & Co. for $410 million. Evan Metropoulos, a principal of the latter firm, said in an interview that he wants to have the snack cakes back on shelves by June and that the brands could benefit from new flavors and other product extensions.
Metropoulos — who has his eye on Will Ferrell and Zach Galifianakis as possible pitchmen — owns Pabst, while Apollo's investments include Hardee's and Carl's Jr.
Judge Robert Drain of the U.S. Bankruptcy Court of the Southern District of New York also approved:
- The $360 million sale of Wonder bread to Flowers Foods, which makes Tastykakes and other breads. [They] would also get Nature's Pride, Butternut, Home Pride and Merita as part of the deal. (Hostess says the Justice Department is reviewing that sale.)
- The $31.9 million sale of Beefsteak to Grupo Bimbo, [which] makes Entenmann's cakes and Thomas' English muffins.
- A separate hearing on April 9 to approve the $27.5 million sale of Drake's cakes — which include Devil Dogs and Yodels — to McKee Foods, the maker of Little Debbie snack cakes.
29 of Hostess' 36 bakeries were sold as part of the transactions, according to a company spokesman. The new owners will decide whether or not to hire back the thousands of workers who lost their jobs.
A statement from the bakers union shared the new owners' enthusiasm to quickly get Hostess back on shelves, asserting "our highly-motivated and skilled workforce will serve as indispensable partners in the seamless re-opening of factories."
For Donatella Versace's wouldbe champagne-filled "Hot Pocket" knockoff, we will wait forever: