Sarasota, FL – November 19, 2012 – Hurst Capital, LLLP today filed a letter of intent 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 November 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, including property, cash, cash equivalents, intellectual property, brands, websites, URL’s, furniture, fixtures, equipment, signage, supplies, small wares, contracts, licenses, permits, computer software and hardware, telephone numbers, leases, franchise agreements and vehicles.
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.
“Hostess has over the past eighty years created several of the most recognizable and powerful brands in the United States,” said Hurst Capital, LLLP Managing General Partner Austin Hurst. “They have undeniable value and when combined with the other existing assets of the company represent a compelling acquisition opportunity.”
Hurst Capital, LLLP General Partner Zach Hurst said that “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.”
Hurst Capital works very closely with their portfolio companies and actively applies a multi-faceted business development program including funding, facilitation, advisory and consultative capacities.
Potential portfolio companies are evaluated based on private criteria and a standardized due diligence process.
Mike Manna, Hurst Capital, LLLP Director of Investment Performance, commented that “with a skilled team of turnaround specialists, we can build upon the Company’s history to levitate Hostess into a century year old brand.”
About Hurst Capital, LLLP
Founded by ‘Tech Twins’ Austin & Zach Hurst, who created their first successful business at the age of 11, Hurst Capital is a different type of fund based upon the founders belief that every successful business starts with strong branding and identity. The company has built a unique portfolio of patented technologies and consumer products to create a diversified investment vehicle executing long and short term strategies to achieve long tail objectives. Some of their portfolio companies include Dominant Design Group; CloudVDI and Empirical Sports, LLC. Hurst Capital, LLLP is based in Sarasota, Florida.