Amid talks of Mexico’s Grupo Bimbo purchasing Hostess Brands, Inc. the Bakery and Confectionery Union and Industry International Pension Fund have hired Gordian Group. Gordian Group is an investment bank that specializes in cases similar to the Hostess situation.
You will recall that Hostess Brands, Inc., filed for a liquidation bankruptcy after the Baker’s Union rejected an offer by the Corporation. You will also remember that people, right here in the Miami Valley made a mad dash to pick up the remaining boxes of Twinkies on the store shelves. At least they did in Troy, OH. But, I digress. Hostess is the maker of Twinkies and Ding Dongs.
The Gordian Group was hired by the Union and Fund because the sale of the brands will impact the rank and file of both groups. David Durkee, the chairman of the Bakers Fund, stated that “the Bakers are here to work with bidders in any way as our sole goal is to maximize jobs and pension benefits for our members.”
The sale of the iconic brand Hostess could raise $400 million or more, and Flower Foods has already agreed to pay $390 million for Wonder and other bread brands, including Nature’s Pride and Butternut.
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