Remember when we were all terrified that we’d never have the chance to cradle a cream-filled snack cake in our hands ever again, that Twinkies would finally and irrevocably disappear and cast us all into a cake-less hole of utter despair? That’s probably not going to happen, as Hostess Brands confirmed it’s received a first offer of $410 million for Twinkies and its Dolly Madison brands.
Twinkies’ sibling Drake’s Cakes likely found a home with the makers of Little Debbie earlier this week, and now the eyes of the snack cake world are turned toward Hostess’ brightest star.
The company said two private equity firms, Apollo Global Management LLC and C. Dean Metropoulos & Co, have submitted what’s known as a “stalking horse” bid of $410 million to buy Twinkies and Dolly Madison. That will serve as baseline, which could always be trumped by others seeking to buy the brands.
Included in the buy would be five bakeries and some equipment, along with both brands. The two companies wouldn’t have to take on any of Hostess Snacks’ debts or other obligations, reports Reuters.
“We believe the Hostess Snacks brands we agreed to acquire offer significant potential for renewed growth and expansion into additional channels of distribution,” Andy Jhawar, head of Apollo’s Consumer and Food Retail Industry Group, said in a statement.
But also? He probably doesn’t live under a Twinkies-flavored rock and noticed the all out uproar that occurred when Hostess declared bankruptcy and everyone panicked, stripping grocery store shelves of all things Hostess. Can anyone say, kaching?
Hostess will offer the rose to the winning bidders of its businesses after it wraps up some ongoing auctions. Until then, all stalking horses will just have to wait patiently. And ostensibly, call and hang up repeatedly, show up at Hostess’ night job unannounced and be stalkery in general.