Not that it was every truly in danger of going permanently extinct, but the Twinkie is back. The New York Post broke the news last night about the Irving-based cakery:
[Billionaire private equity mogul Leon] Black’s Apollo Global Management was the only entity to make a bid for the snacks business of bankrupt Hostess Brands – grabbing ownership of the stable of well known brands for $410 million, The Post has learned.
The private equity firm — known for making money off distressed assets — teamed with veteran food exec Dean Metropoulos on the bid for the business, which also includes Ho-Hos, Donettes and Dolly Madison in addition to Twinkies. The deadline for bids was Monday at 5 p.m.
Hostess creditor Silver Point Capital and Hurst Capital in recent days had submitted letters indicating an intention to bid – but in the end neither stepped up to the plate with a firm proposal.
As we all know, Metropoulos also owns Pabst Blue Ribbon. I would never, ever make the assertion that these two treats are a match made in trashy heaven. Reuters caught up with Metropoulos’ son Daren, who said the snack cakes could be back on shelves by the summer.
