Thursday, 26 November 2015
Last updated 16 hours ago
Mar 12 2013 | 12:59pm ET
Private equity firms Apollo Global Management and Metropoulos & Co. will win the auction for most of Hostess Brands' iconic snack-cakes business, including the Twinkie—by default.
The two submitted the only bid for the business by yesterday's 5 p.m. deadline, the New York Post reports. The firms offered $410 million for the business, which also includes CupCakes, Ding Dongs, Ho Hos, Dolly Madison and Donettes.
The deal is good news for snack-cake lovers, who could see their favorite treats back in stores by September. But it isn't good for the 18,000 workers who lost their jobs when Hostess filed for bankruptcy in November: Apollo plans to outsource distribution and will not rehire all of the laid-off bakers.
For a while, it appeared that Apollo and Metropoulos would have some competition for the Hostess brands. Silver Point Capital, a Hostess creditor, had expressed interest in making a bid, and hedge fund Hurst Capital had cobbled together several private equity firms to explore an offer. In addition, Mexican baking company Grupo Bimbo considered taking part in tomorrow's auction.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…