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.
Currently 2 Responses
- These guys are small time venture capitalists who tout a $50,000 investment on their website.hey may have enough capital to buy a truckload of twinkies but suspect, that's all.
The gullible Sarastoa press gave them what they wanted, publicity.
- While I wish them the best of luck..... I think others are much better suited to take on the acquisition. Flowers and Bimbo are interested and are already in the game and would not even have to "Tool up", not to mention already having experience, distribution, and existing presence and relationships with the market . Sun Capitol at least has substantial experience in turning around failed companies and are certainly more prepared to deal with the unions and also have experience with Contessa, Creekstone Farms and Harry's Fresh Foods already in their portfolio.
No matter who acquires it, I am confident I will see Twinkies on the shelf for my grand-kids. The brand name is just too powerful and iconic to "go gentle into that good night". So... Rage Twinkie ! rage against the dying of the light !
2 3rd annual 'Power of the Girl' Business Breakfast
2 French apÃ©ro evening
5:00 pm - 7:00 pm
2 Florida's Children First 2014 Sarasota Reception
5:30 pm - 7:30 pm
2 'Safe Sex Halloween Bash: Midnight on the Bayou' Pre-Party Kiki
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Win big in two Observer contests
Starting in October, the Observer will now offer prizes for winners of the weather photo contest, sponsored by Manasota Flooring Inc.
Can you dig it?
Third- and fourth-grade students of Temple Beth Sholom had a chance to brush up on their paleontology skills last week while digging for faux dinosaur bones.