Hostess Entertains Illustrious PE Investors; Patton & Boggs Poaches Counsel Responsible for Financing Abu Dhabi’s $7billion Aliminium Smelting Facility

7 Feb

2/02/13

Hostess Brands Inc. receives triple proposal for its biggest assets

A $410m group offer from Apollo Global Management, LLC and its subsidiary Metropolous & Co. was the highest bid made for Hostess’s snack cake produce. This includes both the Hostess and Dolly Madison brands, and the vintage Twinkie brand.

Hostess Brands Chairman and Chief Executive Officer Gregory F. Rayburn said: “We are pleased to name Apollo and Metropoulos as the stalking horse bidder for these valuable and beloved brands.”

As well as delivering on Hostess’s cake products, the deal includes five bakeries and associated equipment.

Hostess requested permission from the US Bankruptcy Court, for Southern New York, to auction off the largest portion of assets from its snack cake business on March 13 – provided it received more than one qualified bid.

“Interest in these iconic brands has been intense and competitive and we expect that to continue through a robust, court-authorized auction process,” said Rayburn.

Hostess’s bread products include the following household names: Wonder®, Butternut®, Home Pride®, Merita®, Nature’s Pride®, Beefsteak®, Sweetheart®, Eddy’s®, Standish Farms® and Grandma Emilie’s® bread brands.

The proposal comes in addition to a number of other stalking horse agreements over Hostess’s bread business, which have an aggregate value of over $440m. All told, the minimum bidding floor for the assets up for sale is more than $850m.

Drake’s® snack cake business has been sold separately from the other snack cake items.

 7/02/13

Trade and project finance legal specialist joins MENA team at Patton Boggs LLP

Former Special Counsel for the Middle East at Sullivan &Cromwell LLP, Brian J. Pierce, has now joined Patton Boggs LLP, where he will represent the Middle East and North Africa (MENA) region. His principal areas of experience are project development and finance, M&A and international corporate finance transactions.

Pierce’s outstanding contributions to project finance include advising on the $7 billion financing of an aluminum smelter complex in Abu Dhabi. He represented the Emirates Aluminum Company (EMAL).

“We particularly look forward to Brian’s ability to support the firm’s strong client base in the infrastructure and construction projects sectors,” said Susan Bastress, managing partner of the firm’s branch in Doha, Qatar. Patton Boggs has three offices outside its American practice, which specialises in government relations, also including Riyadh, Saudi Arabia, and Abu Dhabi.

Khalid Al-Thebity, managing partner of Patton Boggs’ affiliate office in Riyadh, stated: “His addition to our Middle East team… is further testament of the firm’s commitment to this region and our clients. His understanding of the business climate, having lived and worked here for many years and experience servicing it from abroad for several more, makes his addition a tremendous asset to the firm’s current and future clients.”

In the years before joining Patton Boggs, Pierce was respectively a student of Arabic in Cairo, a Fulbright Scholar at the University of Jordan, and a registered auditor at the Faculty of Law, University of Damascus. He gained his J.D. from Yale Law School and his B.A. from Dartmouth College. He was admitted to the New York Bar in 1998.

In addition to Mr. Pierce, two senior corporate associates have joined the firm’s MENA practice. Sally Soubra, based in its Abu Dhabi bureau, comes from Latham & Watkins LLP. Owen Delaney, now in the Doha practice, joins Patton Boggs from Vinson & Elkins LLP.

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