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Spangler Candy Co. announced to be the mysterious buyer of wafer maker Necco and Sweethearts.
The purchase gives the Ohio confectioner a third holiday on which to focus because it already produces candies sold around Christmas and Dum Dum lollipops, popular as Halloween treats.
The name of the owner of the New England Confectionery Co. was mysterious since July, when it was purchased by a group of investors without being bankrupt but quickly sold to an unidentified third-party company.
This mysterious buyer was Spangler – who had seen his $ 18.8 million bid for the Necco chalk board maker win the bankruptcy court auction in May.
But Spangler gave up the deal by accusing Necco of failing to meet the required sales conditions. When Spangler came out, the bankrupt company fell to the bottom of the auction, Round Tree Investments, and to its bid of $ 17.3 million.
That's Round Tree who sold it to Spangler for $ 17.3 million.
Spangler CEO Kirk Vashaw said the company was "particularly excited about the Sweethearts brand," the heart-shaped pastel candies printed with sentiments such as "Be Mine," "Miss You," and "Love Me." .
Necco's terms of purchase by Spangler were not disclosed.
Spangler said he faces "many manufacturing challenges" before he can relaunch Necco – but hopes that Revere, Massachusetts, will be back in 2019, in time for the Valentine's Day 2020 season .
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