A Twinkies deal is reportedly drawing very near, says a source close to the situation.
Private equity firms Apollo Global Management and C. Dean Metropoulos & Co. are currently in talks to take the brand off to Hostess’ hands. According to CNN, an anonymous source said that both parties are interested in bringing Twinkies back to the masses.
Once an agreement has been reached, the arrangement would have to be approved by a federal bankruptcy court. Neither Apollo Global nor Dean Metropoulos would comment on the recent reports.
Fox News explains that the “stalking horse” bid would allow other companies to make bids on the brand. Should someone else sweeten the deal, then Apoolo and Metropoulos may both lose out on getting Twinkies.
While the world waits to see what happens to the beloved snack cake, Hostess has already found a home for its other, lesser-known foods. Little Debbie parent company McKee Foods Corp. paid $27.5 for several brands and some equipment. Included in the deal were Ring Dings, Yodels, Devil Dogs, and Yankee Doodles.
The Inquisitr previously reported that Flower Foods has also agreed to take control of several Hostess brands. Earlier this month, the company agreed to pay a whopping $390 million Wonder, Butternut, Home Pride, Merita, and Nature’s Pride brands. Several bakeries and depots were included in the deal.
Since Hostess declared bankruptcy last year, fans of the spongy cake have wondered what would happen to their favorite yellow snack. Although it may still be a while before the food returns to retail shelves around the world, at least companies are interested in keeping the brand alive.
Hostess has requested the auction take place on February 8. The authorization of the sale would be scheduled for March 5.
Are you excited that a deal to bring Twinkies back to the masses is drawing near?
[Image by Wikimedia Commons]