"The company, obtained permission from U.S. Bankruptcy Judge Robert Drain to complete deals with Apollo Global Management C. Dean Metropoulos & Co., Flowers Foods and Mexican bakery Grupo Bimbo," FOX Business News reported.
Apollo and C. Dean Metropoulos are going to pay $410 million for Twinkies, HO HOs, Ding Dongs and other snack cake brands. Dean Metropoulos hopes to have Twinkies back on store shelves this summer.
The sales of most of Hostess's bread brands were also approved. Flowers Foods purchased them for $360 million; this includes Wonder Bread.
On April 9, the brand will attempt getting approval for another sale, a $27.5 million deal with Little Debbie maker McKee Foods. The business deal would include Drake's coffee cakes and other snacks.
Little Debbie was founded during the height of the Great Depression. O.D. McKee started selling 5-cent snack cakes from the back of his car. The young entrepreneur just graduated college, and was newly married. McKee wanted to get into the baking industry. He and his wife purchased a small, unsuccessful bakery. The couples work began to pay off in 1960, when they started selling the first family back of baked goods. They named them after their granddaughter, Debbie. During this time, the business finally began to earn a steady profit. The business began to grow and eventually other family members took leadership positions.
According to the company's official website, "McKee Foods stands as a living legacy of a young couple with a big dream. O.D. and Ruth shared a strong commitment to family values that remains our company's foundation today."
In 2013, the company offers its consumers a variety of different baked goods. The company supplies grocery stores with packaged sweets such as: Banana Pudding Rolls, Blueberry Crème Rolls, Chocolate Chip Brownies, Swiss Rolls, Zebra Cakes, Fancy Cakes, Donut Sticks, Honey Buns, and recently Cheese Danishes.
On April 9, the public will see if the company is able to obtain Drake's coffee cakes.
