Part of Hostess Sold off for $390 Million

Wonder Bread has a new owner

Flowers Foods Inc on Friday said it has agreed to buy Wonder and other well-known bread brands from Hostess Brands Inc for $390 million, as part of the latter company's bankruptcy reorganization.

The Thomasville, Ga.-based company said it agreed to pay $360 million for the Wonder, Butternut, Home Pride, Merita and Nature's Pride brands, as well as 20 bakeries and 38 depots.

It also entered a second contract where it agreed to pay $30 million for the Beefsteak brand.