A New York bankruptcy judge has approved the sale of the last remaining Hostess brands. With the only qualified bid ($27.5 million) for the Drake’s snack cake business, McKee Foods Corporation will be the new owner of Devil Dogs, Ring Dings, Yodels, Yankee Doodles, Sunny Doodles, Funny Bones, and Drake’s Coffee Cake. McKee Foods is best known for owning Little Debbie snack cakes. In a second approved sale, a subsidiary of United States Bakery Inc., also known as Franz Bakery, purchased Hostess’s Sweetheart, Eddy’s, Standish Farms, and Grandma Emilie’s bread brands, four bakeries, and 14 depots for $30.9 million.
Just last month, we wrote about the sale of the Hostess snack cake business, including Twinkies, to private equity firms Apollo Global Management, LLC and Metropoulos & Co. for $410 million. And, the other Hostess bread brands – including Wonder, Nature’s Pride, Butternut, Home Pride, Merita, and Beefsteak – have already been purchased by Flower Foods for $390 million.
Back in November 2012 when the liquidation of the company was announced, sales of its assets were expected to reach more than $1 billion.
Which Hostess brand will you be happiest to see back on store shelves?