Spangler Sweet Co. has revealed itself because the thriller purchaser of the shuttered maker of Necco wafers and Sweethearts.
The acquisition offers the Ohio confectioner a 3rd vacation to give attention to, because it already produces sweet canes bought round Christmas and Dum Dum lollipops, well-liked as Halloween treats.
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The identify of the proprietor of the New England Confectionery Co. had been shrouded in thriller since July when it was purchased by an funding group out of chapter — however then shortly bought to an unidentified third firm, which promptly closed the 171-year-old firm.
That thriller purchaser was Spangler — which had seen its $18.eight million bid for the maker of the chalky Necco wafers win the Might chapter court docket public sale.
However Spangler backed out of that deal when it accused Necco of failing to fulfill requisite sale situations. When Spangler exited, the bankrupt firm fell to the public sale’s second-place finisher, Spherical Tree Investments, and its $17.three million bid.
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It was Spherical Tree that bought it to Spangler for a reported $17.three million.
Spangler CEO Kirk Vashaw stated the corporate is “notably excited concerning the Sweethearts model,” these pastel, heart-shaped candies imprinted with such sentiments as “Be Mine,” “Miss You” and “Love Me.”
Phrases of Spangler’s buy of Necco weren’t disclosed.
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Spangler stated it faces “a variety of manufacturing challenges” earlier than it will probably restart Necco — however hopes to get the Revere, Mass., firm again making the candy treats in 2019, in time for the 2020 Valentine season.
This text initially appeared in The New York Submit. Learn extra from The New York Submit right here.