No More Bids for Hostess Division, Paving Way for PE Acquisition
March 13, 2013
Hostess Brands has selected Apollo Global Management and Metropoulos & Co. as the winning bidders for its snack-cake business, which includes the Hostess and Dolly Madison brands. The division produces the Twinkies, Ding Dongs and Ho Hos snack cakes, among others. No other qualified bids were received for the assets. Apollo and Metropoulos have agreed to pay $410 million to purchase the brands, five bakeries and certain equipment. Hostess Brands is being advised legally by Jones Day and financially by Perella Weinberg Partners on the transaction.