A twist in the tale of who would become the new owner of US confectioner New England Confectionery Company (Necco) has seen Sweetheart Candy Co. emerge on top.

Late last month it was announced the auction to sell the bankrupt Necco had been won by Ohio-based peer Spangler Candy Co.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

It was stated Spangler would pay US$18.8m for Necco after submitting the winning bid at the bankruptcy auction in Boston on 23 May.

But it has emerged Spangler did not conclude the process and the Metropoulos family, which owns Sweetheart Candy, has stepped in to take ownership of Necco in a $17.3m deal that was completed yesterday (31 May).

The new company will be known as Sweetheart Candy Co. LLC.

The Connecticut-based Metropoulos family has a track record of snapping up and reinvigorating brands including Hostess and Pabst Blue Ribbon.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Evan Metropoulos said: “We are extremely excited to bring our extensive background and expertise to bear in working to revive Necco and its amazing brands, all of which have a special place in the heart of Americans.”

Necco CEO Mike McGee said: “We are thrilled to be partnering with the Metropoulos team given their impressive track record working with great consumer brands and strong commitment to supporting customers with outstanding products and service levels going forward.”   

Massachusetts-based Necco, founded in 1847, is best known for its Necco Wafers but produces a wide range of confectionery products including Clark Bars, Skybar, Mighty Malts and Sweethearts. 

In March it announced it would close its plant and lay off hundreds of workers if it couldn’t find a buyer and in April filed Chapter 11 bankruptcy protection, saying it owed creditors millions.

The deadline for offers was 18 May and they had to be worth at least $13.96m.

just-food has asked Spangler for a comment.

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now