hostessSitrick & Company and Rubenstein Associates are advising the private equity-backed deal to take Twinkie maker Hostess Brands public on the Nasdaq exchange.

The deal would value Hostess at around $2.3B and leave a 42% combined ownership stake with Apollo Global Management and current Hostess owner C. Dean Metropoulos.

The transaction will see a publicly traded unit of investment firm The Gores Group take a majority stake for around $725M.

Rubenstein reps Apollo in the deal, while Sitrick advises Gores Group. Sitrick repped the previous incarnation of Hostess Brands, Inc. through its 2012 bankruptcy filing. The new Apollo/Metropoulos owned Hostess Brands, LLC was launched in June, 2013. Metropoulos and Company is represented by New York-based LAK PR. LAK is also public relations agency of record for Hostess.

Hostess sales for fiscal 2015 were around $650M.

The New York Times noted Apollo and Metropoulos stand to collect about $1B on an initial investment of about $185M.