Hostess selects buyer for Northwest assets
KANSAS CITY – Hostess Brands, Inc. has selected a $30.9 million offer from United States Bakery as the winning bid for the bread brands Sweetheart, Eddy’s, Standish Farms and Grandma Emilie’s as well as four bakeries, 14 depots and certain equipment. The final offer represents an increase from the United States Bakery’s original stalking horse bid of $28.85 million.
The offer was selected as the highest and best bid at a March 15 auction. The U.S. Bankruptcy Court for the Southern District of New York will need to approve the transaction at an April 9 hearing.
United States Bakery, based in Portland, Ore., and also known as Franz Family Bakeries, bought Hostess assets and brands in the Northwest. The four bakeries are in Anchorage, Alaska, Billings, Mont., Salt Lake City and Seattle.