Twinkies, the cult favorite snack brand orphaned by its liquidating parent company, Hostess Brands Inc., may have a new home.
The popular product, along with Hostess brands such as CupCakes, Ho Hos and Ding Dongs, is being sold to private equity firms Apollo Global Management and C. Dean Metropoulos & Co. for $410 million.
The companies submitted the only qualified bid by the deadline set by the Bankruptcy Court overseeing Hostess' case. The purchase, which includes five bakeries and certain equipment, is headed to court March 19 for final approval.
On Friday the court will auction Drake's snack cakes brand and breads such as Sweetheart. Entenmann's and Sara Lee owner Grupo Bimbo have agreed to pay $31.9 million for Hostess' Beefsteak bread business. Flowers Foods Inc. will shell out $360 million for most of the rest of the bread operations along with 20 bakeries, 39 depots and other assets.