Cancel the Benefit Concert — Twinkies Have Been Saved!
In November, the nation went into panic mood when word spread that Hostess was about to go giant, bloated-with-sugar belly up.
There were reports of shoppers hoarding Hostess fare such as Twinkies, Ding Dongs and Donettes. Cooler heads predicated that the iconic brands would quickly be bought up, and be back on the shelves faster than you can say “diabetic shock.”
On Monday, the McKee Foods Corp agreed to pay $27.5 million for Hostess’s Drake line, which included the coffee cakes made famous by ‘Seinfeld.’ Yesterday, the company accepted Apollo Global Managements $400 million plus bid for the main brand, which would be Twinkies and all the other treats sold under the Hostess banner.
Apollo has some experience in the food business. In the past the private equity firm has bought and later sold Chef Boyardee, Bumble Bee seafood, PAM cooking spray and Gulden’s Mustard and every hipster’s favorite thirst quencher Pabst Blue Ribbon beer.
So the next time you sit down for a dinner of Twinkies and PBR you can just call it an “Apollo.” Then you can weep for what your life had become.