Who will save Hostess Brands? That’s the question that’s been circulating among investors and media outlets. The 82-year old Hostess, which makes Twinkies, Ding Dongs, Ho Hos and Wonder Bread, is looking for a lifeline after filing with a U.S. bankruptcy court last week to go out of business. Hostess is firing more than 18,000 employees after a week long strike by its baker’s union. Adding to the doom-and-gloom is a notice on the company’s website that says, “Hostess Brands is Closed.“
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strong>Hostess Brands Inc, the bankrupt maker of Twinkies snack cakes and loaves of Wonder Bread, is seeking a U.S. court’s permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers.
Executives at Fenway Partners are confident that a successful sale of 1-800 Contacts Inc. could put the beleaguered buyout shop in a position to raise another fund next year, Buyouts reported yesterday, citing two sources. The New York-based firm announced on June 4 it had agreed to sell the retailer of contact lenses and glasses [...]
Japanese game developer Sega Sammy Holdings has agreed to buy a resort complex in southern Japan from RHJ International for 5.8 billion yen ($72 million), reports reuters. RHJ International, the holding compay for US buyout fund Ripplewood Holdings, bought the bankrupt Seagaia resort in Miyazaki prefecture in 2001. Reuters – Japanese game developer Sega Sammy [...]
Aircell, a provider of in-flight WiFi services, has raised $35 million in few financing. Existing investors Ripplewood Holdings, Blumenstein/Thorne Information Partners and Oakleigh Thorne all participated in the financing. Aircell is based in Itasca, Illinois.
Sara Lee’s proposed sale of its bread business will generate some interest from strategics and private equity firms, but don’t expect a hot bake-off.
Downers Grove, Ill.-based Sara Lee, which seems to be always selling something, has hired Bank of America to advise on options for its food and bakery unit for around $1 billion, according to Crain’s Chicago Business.
Pepperidge Farms, which is owned by Cambpell Soup Co., has showed interest in the unit, Crain’s says. Other potential bidders include Grupo Bimbo S.A. de C.V. and Flowers Foods Inc.
Canada’s George Weston, which owns Loblaw Co. Ltd. and Weston Foods, also could make a bid, one banker said. As for private equity names, there is Hostess Brands (fka Interstate Bakeries), which is 50% owned by Ripplewood Holdings.
TOKYO (Reuters) – Ripplewood Holdings will sell its stake in Japan’s Columbia Music Entertainment (6791.T) for $27 million, as the U.S. private equity firm exits investments in non-financial companies. RHJ International (RHJI.BR), the Brussels-listed arm of the U.S. group, said it has agreed to sell its 25.5 percent stake in the music company to Japan’s [...]
CAIRO (Reuters) – New York-based Ripplewood Holdings sold its remaining 4.7 percent stake in Egypt’s Commercial International Bank (CIB) (COMI.CA) “through the open market”, CIB said in a statement. Ripplewood sold its 13.9 million shares for 55 Egyptian pounds ($10) each for a total value of 764.5 million pounds, said a source familiar with the [...]
SEOUL (Reuters) – Creditors of South Korea’s Daewoo Electronics have chosen five candidates including Electrolux (ELUXb.ST) and Ripplewood to buy the appliance maker in a preliminary bidding, a local media report said on Thursday. It is the fourth attempt to sell creditors-owned Daewoo Electronics, once a flagship of the failed Daewoo Group. MoneyToday said that [...]