BEDFORD, N.Y. – Bedford private equity juggernaut Leon Black, chairperson of Apollo Global Management, has won the rights to the recently bankrupt snack-cake business Hostess Brands, according to Newsday.
So how much does it cost to buy all the Twinkies, Suzy Q’s and Ho Hos in the world? According to a document filed by Hostess in U.S. Bankruptcy Court in White Plains, the winning bid by Apollo and its partner Metropoulos & Co., of Greenwich, Conn., about $410 million.
It was reported as the only qualified bid received by the deadline and there will be no further auctions.
Hostess, whose headquarters is based in Irving, Texas, shut down operations in November. It is still unclear if the company's iconic desserts will ever be found on supermarket and minimart shelves again.
Forbes magazine recently estimated Black’s net worth at $4.3 billion.