NEW YORK (CNN Money) — Twinkies along with other Hostess favorites will return to store shelves by this summer. A $410 million deal has been reached due to a joint venture by two private equity firms who bid on the company when it filed with the bankruptcy court last November. Dean Metropoulos, founder of one of the firms who proudly announced, “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 store 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 last Thursday. Hostess notified the court that no bids had been submitted, therefore, the $410 million bid wins by default with no further approval being required. Metropoulos has plenty of experience in turning financially troubled companies around, as he has done with several others. Such as Pabst Blue Ribbon, Chef Boyardee, bumble Bee seafood and others. The good news, Wonder Bread, Twinkies and other Hostess products will be on shelves soon. The better news, Apollo Global Management and Metropoulos & Co. will help to put some 18,500 employees back to work. A sweet win-win situation for all.
