Is Tastykake on the block?

THOMASVILLE, GA. — Flowers Foods, Inc. is seeking a buyer for its Tastykake sweet goods business, according to Reuters.

Citing “people familiar with the matter,” Reuters said Thomasville-based Flowers is working with investment bank RBC on a potential sale that could value Tastykake at approximately $350 million. Established in 1914, Tastykake manufactures snack cakes, pies and donuts under the Krimpets, Kandy Kakes and Juniors brands. It operates a baking plant in Philadelphia.

Flowers did not respond to a request for comment about the potential sale.

Flowers acquired Tasty Baking Co. in May 2011 for $175 million, which included the payoff of Tasty debt. With the purchase, Tasty became a subsidiary of Flowers and was integrated into the company’s direct-store delivery segment. At the time, Flowers said the acquisition “creates a larger business with a complementary portfolio of high-quality bakery products and deepens Flowers’ penetration of the estimated $44 billion snack cake category.” The company also noted at the time that the deal could expand the reach of Flowers’ Nature Own brand through Tasty’s marketing areas.

Two years later, in July 2013, Flowers acquired certain Hostess bread brands, including Wonder. Last year Flowers’ turned to the Wonder brand to help stabilize and grow its snack cakes business, introducing 11 new products, including glazed honey buns, mini donuts and confetti cakes. In February 2026, A. Ryals McMullian, chairman and chief executive officer, said the Wonder brand “revitalized our performance” in snack cakes, with Flowers’ cake unit sales growing 5% in the fourth quarter. He noted that Tastykake sales during the quarter remained solid, with only minimal cannibalization from the Wonder rollout that began in early 2025.

Sources told Reuters that Tastykake accounted for approximately $400 million of Flowers’ $5.3 billion in sales in fiscal 2026. In addition to Wonder and Tastykake, Flowers’ sweet baked snacks business includes Mrs. Freshley’s.

McMullian in February said 2026 would be a “transition year” for Flowers, and a potential sale of Tastykake would seem to align with that strategy.

“We are proactively conducting a comprehensive review of our operations aimed at positioning us to reignite top-line growth and expand margins,” McMullian said. “This review is focused on evaluating and optimizing our brand portfolio while targeting investments in the most promising areas.”

In addition to the roll out of Wonder, Flowers in 2025 acquired Simple Mills for $795 million. In February, McMullian said Simple Mills, “continues to resonate with today’s health-conscious consumers.”