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'Mystery buyer' of Necco wafers and Sweethearts revealed as Spangler Candy Co.
By Richard Morgan, Richard Morgan
Published September 26, 2018
Four bidders were vying to buy New England Confectionery Company, of Revere, Mass., the bankrupt manufacturer of Necco Wafers, Sweethearts and other iconic candies. (AP Photo/Charles Krupa, File)
Spangler Candy Co. has revealed itself as the mystery buyer of the shuttered maker of Necco wafers and Sweethearts.
The purchase gives the Ohio confectioner a third holiday to focus on, as it already produces candy canes sold around Christmas and Dum Dum lollipops, popular as Halloween treats.
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The name of the owner of the New England Confectionery Co. had been shrouded in mystery since July when it was bought by an investment group out of bankruptcy — but then quickly sold to an unidentified third company, which promptly closed the 171-year-old company.
That mystery buyer was Spangler — which had seen its $18.8 million bid for the maker of the chalky Necco wafers win the May bankruptcy court auction.
But Spangler backed out of that deal when it accused Necco of failing to meet requisite sale conditions. When Spangler exited, the bankrupt company fell to the auction’s second-place finisher, Round Tree Investments, and its $17.3 million bid.
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It was Round Tree that sold it to Spangler for a reported $17.3 million.
Spangler CEO Kirk Vashaw said the company is “particularly excited about the Sweethearts brand,” those pastel, heart-shaped candies imprinted with such sentiments as “Be Mine,” “Miss You” and “Love Me.”
Terms of Spangler’s purchase of Necco were not disclosed.
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Spangler said it faces “a lot of manufacturing challenges” before it can restart Necco — but hopes to get the Revere, Mass., company back making the sweet treats in 2019, in time for the 2020 Valentine season.
This article originally appeared in The New York Post. Read more from The New York Post here.
https://www.foxnews.com/food-drink/mystery-buyer-of-necco-wafers-and-sweethearts-revealed-as-spangler-candy-co