BRYAN, Ohio -- The Spangler Co., an independent confectionery company, has acquired the New England Confectionery Co., better known as Necco, according to a Boston Globe report. The acquisition was made for $18.83 million during a federal bankruptcy auction in Boston.
Necco operations will continue in its Revere, Mass., headquarters until November. The company’s executive team, including CEO Michael McGee, will remain with Necco through July, “and longer if they need us,” McGee told the Globe after the auction.
The deal comes at the heels of a bumpy past few months for Necco. In March, McGee revealed the company would lay off about 400 workers and executives if it couldn’t find a buyer by May. No acquisition occurred. As a result, Necco filed for Chapter 11 bankruptcy protection in April, which led to the recent federally required auction of the company.
On April 10, at the height of the turmoil, Necco management posted a message via the brand’s Facebook page, addressing the future of the company. “All I can say is that we are unsure of our future but hopeful for a buyer to keep this sweet and nostalgic brand alive for many more decades,” Necco management said. “We thank you for all your love and support.”
Harry Murphy, Necco’s court-appointed bankruptcy trustee, told the Globe that Spangler was intrigued by Necco’s line of wafers, candy dots and the conversation hearts popular on Valentine’s Day.
Throughout its 117-year existence, Necco produced brands such as Necco Wafers, the Valentine's Day staple Sweethearts, Clark Bars, Sky Bars, Canada Mints, Candy Buttons, Mary Jane and Haviland Thin Mints. The confectionery company was owned by New York-based investment firm Ares Capital.
Bryan, Ohio-based Spangler produces various lollipops, candy canes and marshmallow candies. Its brands include Dum Dums, Saf-T-Pops, Spangler Candy Canes and Spangler Circus Peanuts. The company has been privately owned since its founding in 1906.
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