An Ohio-based candy firm has purchased the 171-year-old NECCO (New England Confectionary Company) that is located in Revere on American Legion Highway..
The $18.8 million bid, saving the NECCO wafer, candy hearts and others have been saved by Spangler Candy, the maker of Dum Dum lollipops, Safe T Pops, candy canes and the famous marshmallow Circus Peanuts.
NECCO’s court appointed bankruptcy trustee, Harry Murphy, said bidders were mostly interested in the sugar line of products such as the iconic wafers, candy dots and candy hearts. Sky Bar, Clark Bar and Mary Janes – have an uncertain future.
Spangler Candy, of Bryan, Ohio has been in the confectionaries business since 1906 and is a family owned and operated business.
Spangler’s bid beat two other offers on May 23, including one from former NECCO CEO Al Gulachenski’s group, Round Hill Investments. At the auction, the bidding started at $15.2 million.
“We started as a family owned candy company. We’re thrilled to work with a fourth-generation candy company that going to bring some new stewardship to our brand,†said NECCO CEO Mike McGee. “We’ll work really hard to make this a successful transition.â€
Spangler president Kirk Vashaw wrote in the bid that the company would “develop key NECCO brands.†There is no word yet on manufacturing plans. It is unclear whether or not the company will continue out of it location on American Legion Highway.
NECCO filed for Chapter 11 earlier this year after two packaging companies and a logistics firm took it to court for over $1.6 in unpaid debts.
