Remember back in November when we learned the HORRIBLE news that Hostess snack foods was going out of business and would no longer be producing delicious dessert treats like Twinkies anymore? Well, I’ve got some good news for ya. A joint bid by two companies successfully won the right to produce Twinkies and other Hostess snack foods for sale again … which means that “America’s favorite snacks” might be back on store shelves by the Summer! ISN’T THAT THE BEST NEWS EVER?!
The winning bid is a joint venture by private equity firms Apollo Global Management (APO) and Metropoulos & Co. A statement from Dean Metropoulos, founder of one of the firms, confirmed they are the winning bidder. “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 Metropoulos. “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 had been set to have an auction among qualified bidders on 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 with no further approval of the court being required … Hostess had no comment on the deal beyond the filing. Wonder Bread, Twinkies and other Hostess products have not been produced since November, when the company filed with the bankruptcy court to liquidate its business following a crippling strike by the Bakery Workers union. But while Hostess is out of business, and most of its 18,500 employees have lost their jobs, the company has been auctioning off its various brands as part of the liquidation process. Metropoulos has experience turning around financially troubled food brands. The firm’s food holdings include Pabst Blue Ribbon beer, and in the past have included Chef Boyardee canned pasta, Bumble Bee seafood, PAM cooking spray and Gulden’s Mustard, all of which it eventually sold to ConAgra Foods In.
Yay! While this may be bad news for the folks who spend oodles of money buying up Twinkies on eBay when they thought they’d never be made available again, this is great news for the rest of us who did not freak out. I don’t know that I want to live a world where Twinkies are no longer available so … yes, this is great news for me. I think the return of Twinkies, Ho Hos, Ding Dongs, etc. deserves a super-sized WOOOOOOT!!!