USA: Metropoulos & Co emerges as new owner for Necco

Necco, the US confectionery firm, has been acquired by Sweetheart Candies Co owner Metropoulos & Co for $17.3 million, after the cancellation of a proposed deal with Spangler Candy.

Spangler Candy made the winning bid for Necco in a bankruptcy auction, but the deal is said to have collapsed when the former pushed for a change in the $18.3 million purchase price, according to a Fortune report.

Commenting on the deal, Metropolous & Co executive Evan Metropolous 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 Americana”.

Necco CEO Mike McGee added: “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”.

Source: Fortune