Leon Black’s private equity firm Apollo Global Management and veteran food executive C. Dean Metropoulos have teamed up to bid for bankrupt Hostess Brands’ snacks business, the New York Post said.
Hostess is just a few days away from choosing a stalking horse bidder for its bread brands, which includes Wonder Bread, Nature’s Pride and Butternut, the paper reported.
A sale of the snack business, which includes brands such as Twinkies, Ding Dongs and Ho Hos, will follow suit later, the newspaper said. (http://link.reuters.com/tef25t)
Sourcing for the New York Post report was not clear. An Apollo spokesman could not be reached for comment outside regular business hours.
Apollo in October made an unsuccessful attempt to buy Dean Foods Co’s Morningstar business with Metropoulos, who is an operating partner at the private equity firm.
In the 1990s, Metropoulos was brought in to help rescue Morningstar, which was later sold for about $1 billion to the precursor of the current Dean Foods.
Hostess won court permission in November to wind down its 82-year-old business after talks between the management and striking workers failed.
The company said last month it received “furious” interest in its iconic brands from potential buyers. According to media reports, the company received bids from Wal-Mart Stores Inc and Kroger Co.