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Judge approves sale of Twinkies brand to pair of investment firms; Grupo Bimbo deal OKed
FILE - In this Friday, Nov. 16, 2013, file photo, Twinkies baked goods are displayed for sale at the Hostess Brands' bakery in Denver, Colo. A bankruptcy judge on Tuesday approved the sale of Twinkies to a pair of investment firms, one of which has said it hopes to have the cakes back on shelves by summer. (AP Photo/Brennan Linsley, File)
NEW YORK, N.Y. - A U.S. bankruptcy judge approved the sale of Twinkies to a pair of investment firms, one of which has said it hopes to have the iconic and seemingly indestructible snack cakes back on shelves by summer.
Hostess Brands Inc. is selling Twinkies, Ding Dongs, Ho Hos and other brands to Apollo Global Management and Metropoulos & Co. for $410 million. Hostess closed its factories in late November following a union strike. The company had been struggling financially for years
Evan Metropoulos, a principal of the latter firm, said in an interview that the brands could benefit from new flavours and other product extensions.
"There's no mistake, we've got to move smartly, we've got to move quickly," Metropoulos said.
He also said that comedians Will Ferrell and Zach Galifianakis are at the top of his "wish list" for potential pitchmen. But he doesn't plan on formally approaching anyone about marketing deals until after the sale closes in coming weeks.
Metropoulos, which owns Pabst beer, has already used Ferrell in its ads.
The sale of Beefsteak to Grupo Bimbo was also approved. Grupo Bimbo makes Entenmann's cakes and Thomas' English muffins and is paying $31.9 million for the regional bread brand.
Taken together, a Hostess spokesman said 29 of the bankrupt company's 36 bakeries were sold as part of the transactions. It will be up to the new owners whether to hire back the thousands of workers who lost their jobs when the company went out of business.
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