Dean Metropoulos to serve as Hostess c.e.o.
March 15, 2013
by Josh Sosland
GREENWICH, CONN. — C. Dean Metropoulos, founder and chief executive officer of Metropoulos & Co., will serve as c.e.o. of the Hostess cake business to be acquired by HB Holdings L.L.C.
A $410 million offer from HB Holdings L.L.C., an affiliate of private equity groups Apollo Global Management L.L.C. and Metropoulos & Co., was the only qualified bid received by the 5 p.m. deadline March 11. The auction process had been approved by U.S. Bankruptcy Court for the Southern District of New York. A sale hearing to approve the bid has been set for March 19.
While details about the resumption of Hostess baking operations are still being worked out, Mark Semer, a spokesperson for Metropoulos, said the company plans to have snack cakes back on retailer shelves by the summer.
He said Mr. Metropoulos, who is 66, will serve as c.e.o. of Hostess. Metropoulos & Co. is a private equity firm focused principally on the food and consumer sectors in the United States and Europe.
Brands to be acquired in its Hostess deal include Twinkies, Mini Muffins, Cup Cakes, Ho Hos, Zingers and Suzy Q’s. The acquisition includes the purchase of more than 300 recipes sold under the brand names.
Five plants to be acquired in the transaction are located in Los Angeles; Columbus, Ga.; Schiller Park, Ill.; Indianapolis; and Emporia, Kas. HB Holdings also would acquire depots in Kansas City, Schiller Park and Los Angeles.
Office buildings that are part of the deal include the longtime headquarters of Interstate Brands Corp. in Kansas City.