Sarasota-based Hurst Capital filed a letter of intent Monday to acquire the assets of Hostess Brands Inc. with the United States Bankruptcy Court in the Southern District of New York.
Hostess Brands, the bankrupt baker of iconic consumer brands including Twinkies, Ding Dongs, Ho Hos and Wonder bread, had been in business for 82 years and filed a motion on Nov. 16, 2012 seeking permission to close its business and sell its assets.
Hurst Capital’s letter of intent details their multimillion-dollar offer to acquire all the assets of Hostess Brands, according to a press release.
Hostess Brands management announced last week that they would liquidate the company, sell all assets and lay off 18,500 employees after striking workers protesting a bankruptcy-court imposed labor contract failed to return to work.
Hurst Capital was founded by “Tech Twins” Austin and Zach Hurst, who created their first successful business at the age of 11.
“I believe there are some interesting things we can do with technology and social media to advance Hostess Brands to the next level in the consumer packaged goods industry,” Zach Hurst said.
With high brand recognition and $2.5 billion in revenue per year, other companies are interested in bidding for at least pieces of Hostess, according to the Associated Press. Twinkies alone have brought in $68 million in revenue so far this year, which would look good to another snack-maker.