BUSINESS
03/13/2013 12:20 pm ET

PBR, Twinkies To Be Owned By Same Private Equity Firm: Report

The company behind America's favorite hipster beer is coming to the rescue of a snack Americans have loved un-ironically for years: The Twinkie.

Hostess will sell a majority of its snack businesses to the private equity firm behind Pabst Blue Ribbon for $410 million, Bloomberg's Betty Liu reports. With the deal set, the fates of Twinkies and Ding Dongs no longer weigh in the balance.

The company behind PBR began considering a bid for some of Hostess' brands shortly after the snack-maker announced it was going out of business in November. Daren Metropoulos, a principal at the firm, told Bloomberg at the time that “our family would love to purchase these iconic brands.”

When Hostess officials announced that the company planned to liquidate, panicked snack lovers stocked up on many of Hostess' products leading to a Twinkie shortage on grocery store shelves everywhere.

But Twinkie lovers need not worry anymore. Metropoulos said in a statement Tuesday that his firm seeks to have "America's favorite snacks back on the shelf by this summer," AP reports.

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