timesleader.com

Hostess sells breads to Flowers Foods

January 12, 2013

NEW YORK — Hostess said Friday it has a deal to sell most of its bread business, including the Wonder and Nature's Pride, to Flowers Foods Inc. for $390 million.


The deal also includes 20 bakeries and 38 depots.


Hostess, based in Irving, Texas, announced in November that it was shutting down its business and selling its breads and snack cakes. The sales of the Twinkies, Ding Dongs and other brands of snack cakes are expected to be made separately in coming weeks.


The deal with Flowers Foods includes $360 million for the Wonder, Nature's Pride, Butternut, Home Pride and Merita brands, along with the bakeries and depots. The sale of Beefsteak bread is being made in a separate deal for $30 million.


Flowers Foods was selected as the stalking horse bidder for the bread brands as part of the bankruptcy process.