Late yesterday, the news broke that two companies had come together to save Hostess products, including Twinkies, and Dolly Madison brand products.
Now, we know a little bit more about the people who plan to save the snacks you grew up with, including a Greenwich billionaire and his sons.
C. Dean Metropoulos, of Greenwich, and his firm at part of that deal and his son, Daren Metropoulos, posted on Tumblr last night that Twinkies could be back on a store shelf near you by summer.
Metropoulos & Co., based in Greenwich, and Apollo Global Management, LLC have agreed to pay $410 million to purchase the brands, five bakeries and some equipment, pending approval from U.S. Bankruptcy Court.
Metropoulos & Co. buys companies that are struggling then fixes them, according to Bloomberg news and C. Dean Metropoulos leads the company.
You might not know his name, but he is financial force in his own right.
Forbes includes him in its list of the richest people on the planet in 2013, which comes out in the March 25 issue.
In November, his son, Daren Metropoulos, told Bloomberg news service that his company was interested in Hostess.
“Our family would love to purchase these iconic brands,” he told Bloomberg. “We are actively pursuing this deal as no doubt strategics will also.”
On Tuesday night, Daren Tweeted about the deal.
The two firms also plan to acquire Ho Hos®, Ding Dongs® and Donettes® snack cakes.
The Metropoulos also bought Pabst Brewing Company and Daren's last Tweet combines the two iconic brands in a clever graphic.
"The agreement results in significant value for our stakeholders and we look forward to putting the proposed transaction before the Court next week," said Hostess Brands Chairman and Chief Executive Officer Gregory F. Rayburn.