The Hostess snack cakes – which were purchased along with most of the company’s other snack cakes for $410 million by private equities firms Metropoulos & Co and Apollo Capital Management – have been off shelves since the firm filed for bankruptcy in 2012, reports CNN.
The snack cakes had been set for auction Thursday but the company notified the court that there was only one bidder. The two firms are the winners by default for the products. Most of Hostess bread business was purchased in late February for $380 million.
The buyers will also receive five closed bakeries with the purchase. However, it is unknown whether any of the 18,500 employees will be hired back.
In a statement, Dean Metropoulos said, “We look forward to having America’s favorite snacks back on the shelf by this summer. We are also ecstatic to bring jobs back to many cities across the country.”