Twinkies and CupCakes rescuer exits Hostess
In 2013, C. Dean Metropoulos & Co. partnered with Apollo Global Management to save Hostess from bankruptcy. He then served as Hostess Brand’s president and CEO until 2018.
Hostess’ predecessor – Interstate Bakeries – was once a $3bn company but carried heavy debt and filed for bankruptcy twice, in 2004 and 2012.
The company was liquidated the second time, with various assets and brands going at auction to the new Hostess, under Metropoulos, as well as to Flowers Foods, United States Bakery, McKee Foods and Grupo Bimbo.
In 2016, Hostess again went public and posted sales of $908m and a $78m profit in 2019.
Metropoulos’ merchant banking and management company has also bought, rebuilt and resold Pinnacle Foods, Aurora Foods, Stella Foods, The Morningstar Group, International Home Foods and Ghirardelli Chocolates, among others.
Jerry Kaminski – who has served on Hostess’ Board since November 2016 and is currently EVP and COO of Land O’Lakes Inc. – has been appointed chairman, effective immediately.
Premier branded CPG company
“Transforming Hostess into one of the premier branded CPG companies in the industry, initially as CEO and recently as chairman, has been very successful,” said Metropoulos.
“Over the past two years, the management team has built a strong foundation and is positioned for continued industry leading revenue growth at industry leading margins, following the successful Voortman acquisition to build value."
Andy Callahan, Hostess Brands’ president and CEO, said Metropoulos provided extraordinary leadership, continually offering keen business insight and especially when the company went public.
“When he fully transitions away from his board membership at the end of the year, he will leave an enviable legacy at Hostess, as he has played an essential role in helping us become the company we are today.”
Callahan added Kaminski is the right choice to take over Metropoulos’ chair because of his “extensive global experience in the consumer packaged goods industry and the strong leadership he has demonstrated while serving on the board thus far.
“His unparalleled passion for the company will serve us well as we continue to drive growth momentum with the aim of increasing shareholder value over the long term.”