Damn, we bet those people who tried buying that $15 million Twinkie feel duped right about now. After reporting that Apollo Global Management and Metropoulos & Co. made a joint offer of $410 million to revive the fallen cream-filled pastries, a bankruptcy judge approved the sale of the Twinkies brand on Tuesday. The deal also includes HoHos, Ding Dongs and Sno Balls — meaning our favorite sugar-infused fambam is back.
As the NYT notes, “The sale will mean that Twinkies, born more than 83 years ago in an Illinois industrial kitchen, will live on, having survived wars, recessions and the South Beach and Dukan diets.” We predict that it will also survive the current onslaught of paleo diets and kale-crazed juicers.
Of course, the new partners are veterans in the food industry. Metropoulos & Co. owns Pabst beer, while Apollo Global Management has investments in Carl’s Jr. and Hardee’s. For those wondering if the Hostess name will be left buried under stale crumbs, don’t fret. Daren Metropoulos, one of Mr. Metropoulos’ sons and a firm executive, assured that “[t]here’s a great consumer fan base that hasn’t declined” and “a real opportunity to revitalize these brands, just with some T.L.C.”
Btdubs, the sale of Wonder Bread, Nature’s Pride, Home Pride and Merita were signed off to Flowers Foods, the makers of Tastykakes for $360 million; the sale of Hostess’ Beefsteak brand to Grupo Bimbo was also given the go-ahead at $31.9 million.
That’s all great but let’s be real, it’s all about the Twinkies.