Our brief national nightmare is over: Twinkies and its sibling snack brands have a new owner. After no other bidders surfaced, Leon Black's Apollo Global Management Group snapped up the timeless brand (and more) from the bankrupt Hostess Brands for a cool $410 million.
Hostess had been planning on holding an auction for Twinkies and other brands this week but after no acceptable competing bids came in before yesterday's 5 p.m. deadline, they went with the offer they had. So in papers filed Monday with the U.S. Bankruptcy Court in White Plains, Hostess said it would cancel the auction for brands like Dolly Madison, Ho Hos and Ding Dongs (as well as five bakeries and certain equipment) and just hand the package over to Apollo (assuming bankruptcy court approval).
Unfortunately, a sale to Apollo may not be good news for Hostess' 18,000 workers, who've already been quite battered by this bankruptcy. According to the Post's sources, Apollo "plans to outsource distribution to third-party drivers, and there is talk that much of Hostess snack production will be done through in conjunction with existing bakeries, not at one or more of the 33 shuttered Hostess bakeries."
On the plus side? Twinkies live!