Spangler Candy Company wins bid for Necco Wafter in bankruptcy auction

Spangler will purchase Necco for $18,830,000, beating out three other bidders for the candy company.

Spangler Candy Company has expanded its business portfolio with the addition of Necco Wafers, according to a report by The Boston Globe. Spangler won the rights to Necco in an auction in U.S. Bankruptcy Court for $18,830,000.

Spangler had the winning bid for Necco, beating out Round Hill Investments LLC and Gordon Brothers – a liquidator. Bidder kgbdeals Shopping Inc. dropped out before the auction proceedings began. The starting bid for Necco was $15,250,000, which went before Judge Melvin S. Hoffman in the Boston Court that had a packed gallery watching on.

With Spangler winning the Necco company in the bankruptcy auction, it is expected that the company will go on to continue producing the chalky Necco Wafers, which have a cult following, at least through the fall. Necco’s lease has been extended at its Revere headquarters through November. The company has 232 full-time employees.

Kirk Vashaw, Spangler chairman, and chief executive, said in a statement, “I’m a fourth-generation Spangler; my great grandfather was the one who founded it back in 1906, and they’d be very proud of us today. We’re very excited … well, because it’s candy.”

The sale of Necco to Spangler is expected to close on Friday. Necco is New England confectionary with a history that dates all the way back to 1847. Spangler produces Dum Dums lollipops and orange marshmallow Circus Peanuts.

Leave a Reply

Your email address will not be published. Required fields are marked *