Bidder snags Hostess; Twinkies back on shelves by summerPosted: Updated:
PHOENIX -- Your favorite snacks likes Twinkies, Zingers and Hostess Cupcakes could be back on store shelves by summer.
Hostess declared bankruptcy and shuttered its plants back in Nov. 2012 following a crippling strike by the bakers' union. Since then, store shelves have been empty of favorite Hostess snack brands.
The deadline to bid on the troubled company was 5 pm Monday, and by the deadline, there was only one company's offer on the table.
Monday's winning bid turned out to be a joint venture by two private equity firms: Apollo Global Management and Metropoulos & Co.
"Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment," said Dean Metropoulos, one of the company's founders. "We look forward to having America's favorite snacks back on the shelf by this summer. We are also ecstatic to bring jobs back to many cities across the country."
The bankruptcy court was supposed to have an auction Thursday, but Hostess notified the court late Monday that no other qualified bids had been submitted. That means the $410 million bid wins by default.
The new deal mean fans of Twinkies and other Hostess snacks could see their favorites back on store shelves by this summer.