A Beer Company May Save the Twinkee
The owner of a beer company may come to the rescue of a beloved classic snack.
When Hostess announced plans to liquidate, fans of the baked-goods company feared the fate of the Twinkie. But lovers of the cream-filled sponge cake, fret not: Twinkies may survive thanks to the owner of Pabst Brewing, Co.
C. Dean Metropoulos and Co., the firm behind Pabst Blue Ribbon, is considering making an offer to buy Hostess Brands, Inc., according to Bloomberg.
Daren Metropoulos said:
Our family would love to purchase these iconic brands. We are actively pursuing this deal as no doubt strategics will also. We have analyzed this opportunity very carefully for a few years now. Shedding the complications of the unions and old plants makes it even more attractive.
Metropoulos specializes in buying and revitalizing struggling brands like Chef Boyardee pasta products, PAM cooking spray, and Bumble Bee tuna. The firm purchased Pabst for $250 million in 2011, according to Forbes. It is North America's largest privately-held brewer.
Other potential Twinkie saviors include McKee Foods, maker of Little Debbie snack cakes; Flower Foods, which owns Tastykake; and Canadian company Weston Foods, according to CNN.
On Friday, Hostess announced plans to liquidate after 82 years in response to a bakers strike, lagging sales and hefty debt.