Sweetheart Candy acquires 171-year-old candy maker NECCO

Connecticut-based Sweetheart Candy has acquired candy manufacturer New England Confectionery Company (NECCO) for $17.3m.

The acquisition was completed last week and followed an auction process after NECCO filed for bankruptcy in April.

NECCO is a 171-year-old candy company headquartered in Revere, Massachusetts, US.

The firm produces a wide range of confectionery, including seasonal Sweetheart Conversation Hearts, Candy Buttons, Mary Jane candies and Clark Bars, in addition to its namesake product Necco Wafers.

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 a strong commitment to supporting customers with outstanding products and service levels going forward.”

Sweetheart Candy is owned by Dean, Evan and Daren Metropoulos.

The Metropoulos family has been investing in a variety of companies and has revived classic brands such as Hostess, Pabst Blue Ribbon, Bumble Bee, Chef Boyardee, Vlasic, Ghirardelli and Perrier Jouet.

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 Americana.”

Sweetheart Candy has invested in more than 80 entities over the course of nearly 40 years.

The organisation aims to help transform its target companies, as well as accelerate revenue and improve growth of earnings.

Daren Metropoulos said: “Acquiring NECCO is a special opportunity to create a robust platform designed to build critical mass and create the potential for consolidating additional confectionery brands in the near future.”