Hostess Brands, the US bakery manufacturer owned by Gores Holdings, has announced it has signed a definitive agreement to sell its Superior Cake Products bakery business to Chicago-based Sara Lee Frozen Bakery for $65 million.
Sara Lee Frozen Bakery is a leading maker of frozen bakery and dessert products. Superior Cakes Products manufactures sweet goods such as eclairs, madeleines, brownie bites, and black and white cookies, among other products.
Commenting on the launch, Hostess Brands president and CEO Andy Callahan said “Superior has been a high performing business and we believe that it will continue to thrive in Sara Lee Frozen Bakery’s portfolio as we focus our future investments on areas of our business that better leverage our core competencies and pillars for growth. I would like to thank the Superior team for their contributions to the Company and wish them continued success as they move forward under new ownership”.
Source: Hostess Brands (via BusinessWire)