Twinkies saved by $410 million buyout
If your Twinkies stockpile has been dwindling since Hostess declared bankruptcy and ceased production of its sugar-filled snack in 2012, here’s some news that will surely bring a cavity-filled smile to your face.
Two companies, Apollo Global Management, LLC, and Metropoulos & Co., announced today (March 12) that they intend to buy out Hostess and Dolly Madison, producers of such iconic snacks as Twinkies, Ding Dogs, and HoHos.
“We are very pleased to have the opportunity to bring back ‘America’s favorite snack’. Apollo and I are proud to be associated with such an outstanding set of brands,” Dean Metropoulos, founder and CEO of Metropoulos & Co., said in a statement published by ABC News. “This transaction will ensure the beloved Hostess snack cakes can continue to be enjoyed for years to come.”
According to ABC, the two firms have agreed to pay $410 million for the brands, its production facilities, and production equipment. Apollo and Metropoulos also hinted at restoring as many jobs as possible, which were lost when Hostess shut down its “bakeries”.
Twinkie consumers, however, will still need to wait with baited icing-tinged breath until March 19 when the proposed transaction will be heard in U.S. Bankruptcy Court.