Auctions of Remaining Hostess Brands' Assets Begins Oct. 30
Published in CSP Daily News
Firms conducting coast-to-coast vehicle, equipment saless at 90 locations
SAN FRANCISCO -- Rabin Worldwide Inc., a San Francisco industrial auction company, in conjunction with Capital Recovery Group, a Connecticut industrial auction and appraisal firm, will conduct multiple auctions for the remaining assets of former Hostess factories on behalf of Hackman Capital Partners.
After Hostess Brands ceased operations in Nov. 2012, many of its brands and factories, such as Twinkies and Wonder Bread, were immediately sold to competitive producers. Hostess Brands later won court approval to sell the rest of its assets at auction and Hackman Capital Partners purchased the remaining real estate, bakery equipment and fleet assets located in 34 states.
In addition to seven complete Hostess factories that produced Twinkies, Cupcakes and Wonder Bread, the auction will include more than 3,000 trucks and trailers at more than 90 additional locations. Many of these trucks were responsible for delivering Twinkies and other treats from the regional distribution centers to local convenience stores. A series of factory auctions will be held both online and live over the next 3 months beginning Oct. 30 in Los Angeles.
The remaining auctions will be held in St. Louis, Cincinnati, Oakland, Calif., and Philadelphia.
"The amount of interest in these auctions is unprecedented," said Richard Reese, president of Rabin Worldwide. "The nostalgia for Hostess Brands has attracted a lot of attention to the sales, and we hope it will strengthen bidding. Many of us Boomers who had brown bag lunches at school had our sandwiches made on Wonder Bread and our favorite Hostess treat for dessert."
Rabin Worldwide and the Capital Recovery Group specialize in multiple location liquidations throughout North America.