NEW YORK (AP) — A bankruptcy judge has approved the sale of Twinkies to a pair of investment firms, one of which has said it hopes to have the cakes back on shelves by summer.
Hostess Brands Inc. is selling Twinkies, Ding Dongs, Ho Hos and other brands, to Apollo Global Management and Metropoulos & Co. for $410 million. Evan Metropoulos, a principal of the latter firm, said in an interview that he wants to have the snack cakes back on shelves by June and that the brands could benefit from new flavors and other product extensions.
“There’s no mistake, we’ve got to move smartly, we’ve got to move quickly,” Metropoulos said.
He also said that comedians Will Farrell and Zack Galifianakis are at the top of his “wish list” for potential pitchmen. But he doesn’t plan on formally approaching anyone about marketing deals until after the sale closes in coming weeks.
Metropoulos, which owns Pabst beer, has already used Farrell in its ads. Apollo’s investments include the fast-food chains Hardee’s and Carl’s Jr., which is known for indulgent burgers and splashy ads starring scantily clad women.
Judge Robert Drain of the U.S. Bankruptcy Court of the Southern District of New York also approved the sale of Wonder bread to Flowers Foods, which makes Tastykakes and other breads. Flowers, based in Thomasville, Ga., would also get Nature’s Pride, Butternut, Home Pride and Merita as part of the $360 deal.
Hostess has said the Justice Department is reviewing that sale.
The sale of Beefsteak to Grupo Bimbo was also approved. Grupo Bimbo makes Entenmann’s cakes and Thomas’ English muffins and is paying $31.9 million for the regional bread brand.
A separate hearing is scheduled for April 9 to approve the sale of Drake’s cakes, which include Devil Dogs and Yodels. Hostess picked McKee Foods, the maker of Little Debbie snack cakes, as the buyer for those brands at $27.5 million.
Taken together, a Hostess spokesman said 29 of the bankrupt company’s 36 bakeries were sold as part of the transactions. It will be up to the new owners whether to hire back the thousands of workers who lost their jobs when the company went out of business.
In a statement, the company’s bakers union said it shared the enthusiasm exhibited by the new owners to bring Hostess brands back to shelves quickly.
The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union said it believed “our highly-motivated and skilled workforce will serve as indispensable partners in the seamless re-opening of factories.”
Hostess closed its factories in late November following a strike by the union. The company had been struggling financially for years.
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This Week’s Celebrity Instagrams (11/26-12/2)
30 photos Launch gallery
1. Little Legend and Puddy 😍😍😍😍
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2. "You on point Phife?" "all the time,Tip". 💥 #bannedfromnormal
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3. Vegan! The Impossible burger at Crossroads
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4. Lawrence #BeforeandAfterEpisodes 1-4: 184lbs 13% body fatEpisode 8: 196lbs 8% body fat S/O @coachdaveboxing with the works outs and @kildareriordan with the nutrition
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5. Jus haaaanngin out
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6. Meanwhile back at home in Atlanta GA someone mad they not on the 🛳. 😳
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7. No limits... Photo cred: Chris Bridges @ludacris
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8. new new
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9. Apparently my 260lbs is too much for the actual vines in the Hawaiian jungles to hold me without breaking and me falling hundreds of feet. So for safety purposes, I'm forced to swing thru #Jumanjj on wires strong enough to hold 12 adult buffaloes and 1 adult Rock. #OnSet #Jumanji #IronicallyIEatBuffaloDailyForLunch #MoreManThanNatureKnowsWhatToDoWith
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10. hey ma! 🎎#wcw 💙
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11. Surprise visit to our factories!!! #GoodAmerican #USA
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13. Peachy Keen 🔥✨⚡️
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14. If this don't look thankful I don't know what does. Happy Thanksgiving to you and yours. #UltraBlessed #24kMagic #SweetPotatoFly
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15. Late nights @nbcmarlon with the writers... we in here!!!
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16. There goes my baaaaaaaaabbbbyyyyy #QueenKingMagic!!! We're up to something! Ira BIG!!! Stay out our buisness -
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17. You want to win every game you play but when you come home to these faces... who cares. #ILoveYouGirls best part of my day, everyday!
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18. Steady,steady..... full size jenga.. "I got this one "???? Or do I ?
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19. Cornrows kind of day 😉@dontaysavoy2 you convinced me and I love. ❤️️
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20. #BrotherlyLove #tbt
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22. #basel #TeamLOVE @kingcombs
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23. Just introduced a special screening of @directher 's groundbreaking (must see) documentary @13thfilm with my brother @themichaelealy | @unitedblackout #blackoutblackfriday
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24. Me & Vanessa Williams giving #DuckLips #Pose on the set of #DaytimeDivas @vh1 - Coming Soon to a tv near you. Lol. - My make up done by @makeupsurgeon
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25. This picture just makes me wanna praise the Lord, you hear me!!!!!! Yes Lord brotha #TEDDYCAMPBELL What a #man !!! You are everything right on this picture husband ......... #gorgeous #stylish #classy #strong #masculine #king #sexy #debonair #gentlemenstyle And that #bible in your hand just seals the deal for me (probably cause i know that, that is what helped you become just as amazing as you look😘). While my heart and mind experiences the goodness of God at #church on Sundays, my eyes experiences the goodness of Teddy😍. Amen somebody🙌🏽. "Bless the Lord oh my soul and all that is within me bless his holy name" #myman #myhusband #goodman #blackman #dapperman #godlyman #goodfather #mybestfriend
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26. Yesterday was my mama's 53rd birthday!!!!! Got to celebrate with her all day. If this is what I have to look forward to I can't wait. Looking like a soft bucket a cocoa butter. Yaaaaaaaaaas! 😍😍😍 love you mommy!
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27. "Shout out to @PureAtlanta for getting the family right"....I'm loving this jogger. 😍😍
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28. This pic warms my heart ❤️ #myLogiebeans and aunt aunt umba @itowandabraxton 😘
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29. You will always be my baby😜. #HappyBirthdayReginae #mybaby18
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30. GC "Gods Child" Red on Red SweatSuit available now at www.MonicaApparel.com ... Take Your Crown wherever you go!! I'm pictured in a Medium... Go to the site now for other options ... cc: @trukernell
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