Twinkies will return after sale to buyout firm

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Buyout firms Apollo Global Management, LLC and Metropoulos & Co. have decided to buy the Hostess and Dolly Madison cake brands, including Twinkies. The legendary snacks happen to be from the market since Hostess closed its plants in November and declared personal bankruptcy after its unions continued strike.

The suggested transaction includes the brands, five bakeries, and certain equipment for $410 million. The transaction requires US Personal bankruptcy Court approval. A hearing to think about approval from the purchase will occur on March 19.

"We're extremely pleased to achieve the chance to recover 'America's favorite snack'. Apollo and that i are proud to become connected with your a superb group of brands," Dean Metropoulos, founder and Boss of Metropoulos & Co., stated inside a statement. "This transaction will make sure the beloved Hostess snack cakes could be loved for many years. We anticipate coming back the legendary Hostess items, including Twinkies, Ding Dongs, and HoHos, to customers as quickly as possible. Additionally, we're also very happy to have the ability to provide employment possibilities for most people in metropolitan areas around America."

Some 18,500 employees were left unemployed through the closing. It wasn't immediately obvious the number of, or no, of individuals jobs could be saved. Apollo apparently intends to delegate distribution to 3rd-party motorists and convey the snacks in existing bakeries, instead of individuals which were shuttered.

A bidding ended up being to take place for that company's assets, but no bids were received. A spokesperson for Hostess stated the organization didn't have discuss the possible lack of competing bids for that snack cakes, the Connected Press reported. Formerly, Hostess Boss Greg Rayburn had predicted the procedure could be "wild and wooly."