Business / Industry News

Hostess Re-Debuts as a Public Company

By Dave Fusaro, Editor in Chief

Nov 08, 2016

Hostess Brands Inc. again became a public company on Nov. 4 with its stock trading on the NASDAQ exchange under the symbol "TWNK."

The return of the twice-bankrupt snack baker to the stock market followed some financial gyrations, in which Hostess was acquired by Gores Holdings, an already publicly listed special purpose acquisition company, which immediately renamed itself Hostess Brands.

Gores arrived on the scene this July, when C. Dean Metropoulos and his Apollo Global Management LLC, which bought Hostess in 2013 during its bankruptcy liquidation, transferred ownership to Gores Holdings but got a 42 percent stake in Gores Holdings -- which has been transferred into an equal stake in Hostess Brands.

Metropoulos and Apollo Global Management bought Hostess for $410 million. Metropoulos will stay on as executive chairman; so will CEO William Toler.

In the initial filing, the company reported sales of $658 million for the 12 months ended June 30, 2016. Hostess operates five baking facilities located in Emporia, Kan.; Columbus, Ga.; Southbridge, Mass.; and Indianapolis.