Many of our worlds were shattered when the news of Twinkies' demise dropped last week as confectionary genius Hostess announced it would be closing its doors. Many people flocked to their local supermarkets to hoard the last remaining Twinkies, while others set about trying to recreate the magic in their own kitchens.
But perhaps all of these efforts were premature. There's still hope that Twinkies will live on:
C. Dean Metropoulos & Co., the private equity firm that owns Pabst Brewing Co., is considering an offer to buy Hostess Brands Inc., which said today it plans to liquidate its business.
“Our family would love to purchase these iconic brands,” said Daren Metropoulos, a principal at the Greenwich, Connecticut-based firm, which paid $250 million for Pabst in 2010. “We are actively pursuing this deal as no doubt strategics will also.”
C. Dean Metropoulos, founder of the firm, has specialized in purchasing struggling brands, such as Chef Boyardee and Bumble Bee Tuna and turning them around. The firm paid close attention to the maker of Twinkies and Wonder Bread during its bankruptcy proceedings, Daren Metropoulos has said.
“We have analyzed this opportunity very carefully for a few years now,” Metropoulos said in an e-mail. “Shedding the complications of the unions and old plants makes it even more attractive.”