Gores Holdings, a special purpose acquisition company, has announced that it has completed its acquisition of bakery firm Hostess Brands for approximately $522 million in cash.
The deal sees Gore Holdings take a majority stake in the company, with previous majority owners Apollo Global Management and C Dean Metropolous retaining a 42% minority interest.
Hostess Brands, which produces cake and bread products under brands such as Honey Buns, Ding Dongs and Twinkies, will continue to be led by Dean Metropolous and William Toler in their respective roles as chairman and CEO, Gore Holdings said.
Dean Metropoulos, executive chairman of Hostess Brands, stated: “We are excited to introduce Hostess as a public company and I am extremely proud of the job our team has done in repositioning and growing Hostess during the past four years. I believe the Company has strong growth potential and can think of no one better to partner with in this next journey than Alec Gores and the Gores team who have a well-earned reputation for not only identifying, but adding value to the businesses with which they affiliate”.
Source: Apollo Global Management