Hostess Brands, makers of Twinkies, Ding Dongs and other American favorites, announced today, March 12, they have accepted a bid for their Hostess and Dolly Madison operations. Hostess closed operations in November 2012 claiming demands made by the Bakery, Confectionary, Tobacco and Grain Millers Union (BCTGM), which represents 15,000 of the company’s 18,500 employees, had crippled its operations.
Affiliates of Apollo Global Management and Metropoulos & Co. has agreed to pay $410 million for the Company’s five bakeries. Hostess will seek approval of the deal from the U.S. Bankruptcy Court on March 19.
When Hostess shut its doors last fall, consumers quickly cleared the remaining stock of Hostess products from store shelves. Some tried to cash in on the Twinkie shortage by offering the snack cake for sale on eBay.
Hostess Twinkies were introduced to the public in the early 1930s by Continental Baking Company of Illinois. They worked their way into American pop culture and in 1999 were included in a millennium time capsule by President Bill Clinton to represent American food culture.
Hostess will conduct an auction for its other brands, including Drake Cakes, on March 15.