News Column

Sixers Co-owner Interested in Acquiring Hostess

Nov. 20, 2012

Joseph N. DiStefano

Hostess Twinkies

Sun Capital Partners Inc., the Florida firm co-headed by Philadelphia 76ers co-owner Marc J. Leder, is among the buyers interested in Hostess Brands if a bankruptcy judge approves the Twinkie and Wonder Bread owner's liquidation, Leder told Dan Primack, a writer for Fortune, on Monday.

"I think that we could offer a slightly better, more labor-friendly deal than what was on the table last week," Leder told Primack. Leder is also the backer of Mitt Romney who hosted the GOP presidential candidate's infamous "47 percent" fund-raising pitch.

He said Hostess' workers are right to criticize the company's lack of investment in its aging network of U.S. factories, which include a Northeast Philadelphia plant that employed more than 300, plus distribution centers in King of Prussia, Wilmington, and other towns. Leder said he'd like to "invest in newer, more modern, manufacturing assets that would enable the company to become more productive and to innovate."

Sun already owns Manayunk-based PaperWorks and previously bought and cut jobs at South Jersey's Aluminum Shapes and Jevic Transportation, among other firms.

Separately, C. Dean Metropoulos & Co., owner of Pabst Brewing Co., has expressed interest in Hostess brands, Bloomberg reported. Flowers Foods, owner of Philadelphia-based Tastykake, is also considered a likely bidder. Hurst Capital L.L.P., a small Florida buyout firm, said in an e-mail that it is offering to buy Hostess.

"I can confirm that we have had interest from buyers for specific assets," Hostess spokesman Erik Halvorson said. He would not say who, or how much.



Source: (c)2012 The Philadelphia Inquirer Distributed by MCT Information Services


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