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Hostess Brands
exitedConsumer Brands — Apollo / Metropoulos
Deal Terms
Entry Year2013
Entry EV$0.41B
Entry Multiple5x
Leverage3x
Debt Amount$0.905B
Outcome
Exit Year2016
Risk Metrics
LTV (est.)221%
Debt / EV2.21x
Notes
Apollo/Metropoulos bought Hostess assets for $410M out of liquidation (2013). Paid themselves $905M dividend within 2 years — 13x investment. SPAC at $2.3B (2016). Smucker's acquired for $5.6B (2023). Rare PE home run — but only because they bought a liquidated brand for pennies.