The maker of those iconic desserts, Hostess Brands, said on Tuesday that it is selling a majority stake in the company to an affiliate of private equity firm Gores Group (GSRH) for about $725 million and is going to be a publicly traded company.

Under terms of the deal, Gores Holdings, an investment vehicle known as a blank-check company set up by Gores to make acquisitions and other deals, will pay $375 million in cash to Hostess shareholders. Other major investors, including Gores Group CEO Alec Gores and C. Dean Metropoulos, plan to invest another $350 million through a private placement.

Hostess, founded in 1919 and beloved thanks to snacks like the Hostess CupCake and the Twinkie, filed for bankruptcy protection almost four years ago following years of management turmoil and disputes with a union, prompting concerns the iconic Twinkie could disappear.

Since leaving bankruptcy protection, Hostess has been owned by private equity firm Apollo Global Management as well as Metropoulos & Company, a one-time owner of Pabst Blue Ribbon beer. Those two turnaround companies bought Hostess’s bakery business for $410 million three years ago, according to the New York Times, and Hostess’ sales came to $650 million in the 12 months ended May 31.

Hostess’s stock will list on the Nasdaq market, taking the place of Gores Holdings, making it easier to raise more money down the line to pay down debt or make an acquisition as needed.