According to Reuters, a number of companies—including General Mills, Mondelēz International, PepsiCo, and Hershey—appear to be interested in acquiring Hostess Brands. Another source has opined that Mondelēz could as the possible frontrunner, citing recent large acquisitions by the company, such as the $2.9 billion purchase of Clif Bar last year.
In addition, earlier this year, Mondelēz International CEO Van de Put told Yahoo Finance Live that he was looking for “more snack deals with his robust, cash-rich balance sheet.” Reportedly, Hostess Brands has tapped investment bank Morgan Stanley for advice on handling any possible negotiations, even though the sale of the company doesn’t appear to be imminent
In 2004 and 2012, Hostess Brands filed for bankruptcy. During the second bankruptcy proceedings, potential buyers reportedly included Post Foods, Grupo Bimbo, Flowers Foods, and Aryzta.
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In 2016, Gores Holdings, a special purpose acquisition company, purchased the company. Since then, the diversification of Hostess Brands’ portfolio, including the acquisition of Voortman Cookies for $320 million, has been a driving force of the company.
In the six months that ended June 30, Hostess Brands had revenues totaling $697.76 million, an increase of approximately $25 million for the same period in 2022. It has $3.52 billion in total assets, with $1.67 billion in total liabilities.
Hostess was founded in Lenexa, Kan., in 1930. Hostess Brands, which was formed in 2013, owns multiple bakeries in the U.S. that produce snack cakes under the Hostess and Dolly Madison brand names, while Voortman Cookies, its Canadian subsidiary, produces wafers and cookies under the Voortman brand name.