Wonder Bread sale nearly complete

Posted By GABRIELLE LEVY, UPI.com   |   Feb. 27, 2013 at 3:23 PM   |   0 comments

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Feb. 27 (UPI) -- It looks like Wonder Bread has found a new home now that Hostess has gone bankrupt and is auctioning off its famous brands in pieces.

Flowers Foods Inc., a Thomasville, Georgia-based packaged bakery foods company, has reportedly won the bidding for the majority of Hostess Brands' bread-making business, including Wonder, Butternut, Home Pride, Merita and Nature's Pride, including 20 plants, 38 depots and other assets, Bloomberg News reported.

Flowers will reportedly pay $360 million for the assets. No other offers were submitted.

One other Hostess bread brand, Beefsteaks, will be auctioned Thursday, as it received a competing offer from Grupo Bimbo against Flowers' $30 million bid.

Hostess failed to come to an agreement with striking employees while in its second bankruptcy last year, and will continue liquidating assets at auction on March 13 and March 15. The first bankruptcy for the Irving, Texas-based company was in 2009.

Two private equity firms, C. Dean Metropoulos & Company and Apollo Global Management have reportedly agreed to pay $410 million for Hostess--including the much beloved Twinkie.

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