Tags: assets, cupcakes, floods, Hostess Brands, Perella Weinberg, Perella Weinberg Partners, Sun Capital, twinkies, unsolicited calls
Apparently Twinkie-lovers worldwide are clamoring for a piece of this.
At a Wednesday court hearing, Hostess attorney Heather Lennox of Jones Day said Hostess may seek court permission within the next several weeks to sell specific assets, with plans to test any offers at auctions “a few weeks after” filing such motions. “We have received a flood of inquiries,” Ms. Lennox said. “We therefore think there could be very healthy competition.” Ms. Lennox didn’t name names, but several companies have already been identified as potential buyers. Flowers Foods of Thomasville, Ga., whose brands include Nature’s Own bread and Tastykake snack cakes, said Monday it renegotiated lending terms to allow it to tap additional cash. Analysts see that as a clear sign the company is gearing up to bid on Hostess assets. Private-equity firm Sun Capital is also interested in making an offer for Hostess’s entire business, according to a person familiar with the matter…Hostess’s investment banker, Joshua Scherer of Perella Weinberg Partners, said Hostess has received more than two dozen unsolicited calls over the past several days alone from interested buyers.
And not by some no-name fucking shlubbs you’d be embarrassed to be seen with in public. We’re talking big names. Huge. Brands you’d walk around with if you were trying to make an ex jealous. We have confidentiality agreements to adhere to but nod if you understand me when I say: Schmoren Schmuffett. Do you understand me? Schmoren Schm-UFFETT. I can’t say anything else at this time.
“These are name-brand companies that everyone in this courtroom would know and recognize,” he said. Mr. Scherer declined to name the interested buyers but said they include Hostess’s regional and national competitors…Other would-be buyers, Mr. Scherer said, include financial buyers and the “large consumer-products companies that we’re all familiar with,” such as cereal producers. There has also been “very significant interest” from international buyers, he said.
Hostess Has Seen ‘Flood’ Of Interest In Its Brands [WSJ]