Hostess Cakes Sold; The Twinkie Lives!

Party time.
Party time.

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.