Twinkies may be back on store shelves by summer! That news arrived after a bankruptcy judge approved the sale of the Hostess snack cake business to private equity firms Apollo Global Management, LLC and Metropoulos & Co. for $410 million. The sale includes the Twinkies, Ho Hos, Ding Dongs, Cup Cakes, Donettes, Zingers, Sno Balls, and Suzy Q brands, among others.
Metropolous & Co. has a history of purchasing iconic American brands, including Chef Boyardee, Bumble Bee Tuna, and Pabst Blue Ribbon beer. In an interview with Time last week, Daren and Evan Metropoulos talked about their company’s plans for reviving the Hostess snack cake business. According to Daren, “We move quickly. We don’t like to be slowed down with analytics or bureaucracy. We like to put together a team of people who have a sense of urgency and share the same vision for these brands, and we move quickly to cut through the red tape, beat the pavement, and try to get better displays, better shelving, better pricing.”
Still up for grabs are the Hostess Drake’s snack cake brands: Devil Dogs, Funny Bones, and Yodels. The bidding process for those brands closes May 30. And, as we reported earlier, the Hostess bread brands were scooped up by Flower Foods for $390 million. That sale is awaiting review by the U.S. Justice Department.