“Today’s approval of the stalking horse agreement is a positive step toward saving some of America’s most well-recognized and iconic brands,” said Andy Jhawar, a senior partner of Apollo and head of Apollo’s Consumer and Food Retail Industry Group. “We believe the Hostess Snacks brands we agreed to acquire offer significant potential for renewed growth and expansion into additional channels of distribution.
We are confident that the combined expertise and capital of Apollo and C. Dean Metropoulos, who has an unparalleled track record of value creation in the consumer packaged food and beverage industry, will prove invaluable as we re-launch the Hostess Snacks business.”
Apollo had assets under management of approximately $110 billion as of September 2012, with holdings in private equity, credit and real estate funds.
Hostess Brands chairman and c.e.o. Gregory F. Rayburn described interest in the Hostess snack cake brands as “intense and competitive.”
“We expect that to continue through a robust, court-authorized auction process,” he said. “The ultimate goal will be the same we have had since we began marketing all of our assets — to maximize value for all of the company's stakeholders and ensure these great products can be enjoyed by their loyal fans for many years to come.”
Hostess Brands previously announced reaching stalking horse agreements to sell the majority of the assets related to its bread business as well as Drake’s.
“The stalking horse bids have set a floor of more than $850 million for the bulk of the company's assets,” Mr. Rayburn said. “We look forward to competitive auctions to further drive value for all of the company's stakeholders.”
We are confident that the combined expertise and capital of Apollo and C. Dean Metropoulos, who has an unparalleled track record of value creation in the consumer packaged food and beverage industry, will prove invaluable as we re-launch the Hostess Snacks business.”
Apollo had assets under management of approximately $110 billion as of September 2012, with holdings in private equity, credit and real estate funds.
Hostess Brands chairman and c.e.o. Gregory F. Rayburn described interest in the Hostess snack cake brands as “intense and competitive.”
“We expect that to continue through a robust, court-authorized auction process,” he said. “The ultimate goal will be the same we have had since we began marketing all of our assets — to maximize value for all of the company's stakeholders and ensure these great products can be enjoyed by their loyal fans for many years to come.”
Hostess Brands previously announced reaching stalking horse agreements to sell the majority of the assets related to its bread business as well as Drake’s.
“The stalking horse bids have set a floor of more than $850 million for the bulk of the company's assets,” Mr. Rayburn said. “We look forward to competitive auctions to further drive value for all of the company's stakeholders.”
