Former Hostess assets going up for auction
by Eric Schroeder
SAN FRANCISCO — Rabin Worldwide Inc., a San Francisco-based industrial auction company, in conjunction with Capital Recovery Group, a Connecticut-based industrial auction and appraisal firm, will conduct multiple auctions for the remaining assets of former Hostess plants on behalf of Hackman Capital Partners.
Hackman Capital Acquisition Company, L.L.C. in mid-August paid $62.5 million for certain real estate, machinery, equipment and fleet assets located in 34 states that were not sold after the former Hostess Brands, Inc. ceased operations in November 2012. Now, the company is putting the assets up for bid.
In addition to seven complete Hostess plants that produced Twinkies, Cupcakes, and Wonder Bread, the auction will include more than 3,000 trucks and trailers at over 90 additional locations. Rabin said many of the trucks were responsible for delivering Twinkies and other baked goods from the regional distribution centers to local convenience stores.
A series of factory auctions will be held both on-line and live over the next three months, beginning Oct. 30 in Los Angeles. The remaining auctions will be held in St. Louis, Cincinnati, Oakland and Philadelphia, Rabin said.
“The amount of interest in these auctions is unprecedented,” said Richard Reese, president of Rabin Worldwide. “The nostalgia for Hostess Brands has attracted a lot of attention to the sales, and we hope it will strengthen bidding.”
Complete listings and auction schedules may be found on-line at www.rabin.com.