Tomorrow, Wednesday, was supposed to be the big auction for the Hostess snack cakes brands. The auction was expected to be very competitive, but in the end there was only one qualified bidder, and the auction will not take place.
Instead, Apollo Global Management LLC and Metropoulos & Co, who were the stalking horse bidders, will purchase the snack cake brands along with some bakeries and equipment.
This is not the final step in the acquisition process, they still have to clear a court hearing next week on March 19. This hearing will also be for the other Hostess Brands, including the bread brands that will be purchased by Flowers Foods and Bimbo.
Of course, Home Pride Bread is set to be purchased by Flowers Foods. There is some opposition to the purchase of the brands. This opposition is mainly coming from the different unions that represented the Hostess workers. It will be interesting to see if there are any delays or modifications of the purchase agreements next week.
I am currently in Mexico, and shared this picture a few days ago.
The picture is a bit out of focus as I was scrambling for my camera to capture this picture of Wonder Bread truck as we were driving down the highway. Hopefully the return of the Hostess brands will soon be in better focus than this picture.
In Mexico Wonder Bread is distributed by Grupo Bimbo, who also distribute Twinkies. If I wanted to, I could stop at a convenience store or grocery and pick up some Twinkies. But it is not the Twinkies I miss, it is Homepride Bread.
Several news articles I saw today report that we should see Hostess products back on the shelves by summer. We will have to see if these predictions come true.
For more posts on this subject, click on Home Pride Bread.