Leon Black is looking to satisfy his sweet tooth.
Black’s Apollo Global Management has teamed with veteran food executive C. Dean Metropoulos on a potential bid for bankrupt Hostess Brands’ snacks business, which includes Twinkies, Ding Dongs and Ho Hos, The Post has learned.
Hostess is in the process of selling off its iconic brands and liquidating the company after a crippling strike by its bakers union forced it to shut down in November. The Irving, Texas-based company plans to hold separate auctions for its bread and snack businesses.
Hostess is just a few days away from choosing a so-called stalking horse bidder for its bread brands, including Wonder Bread, Nature’s Pride and Butternut. The snack business will follow suit later.
In the last couple of years, Apollo and Metropoulos have also explored bids for Morningstar Foods and Sara Lee, although neither resulted in a deal.
While Apollo has no food investments, Metropoulos, who paid $250 million for Pabst Brewing in 2011, has experience with struggling food brands. He has a track record of making money for his investors and a reputation for slashing costs.
In 2001, he teamed with fellow PE firm Hicks, Muse, Tate & Furst to buy bankrupt Pinnacle Foods, owner of Swanson frozen dinners and Vlasic pickles.
Within days of Hostess closing down, Metropoulos made it clear he was interested in pursuing the company.
Of Hostess’ 36 plants, 20 are mainly used for baking bread. If they are successful with a bid, Apollo and Metropoulos would likely need at least some of those 16 plants.
The world’s largest baker, Grupo Bimbo, is also expected to compete for the snacks business. It is interested in buying some of the bread brands, too.
Apollo and Metropoulos declined comment.