A company that once rescued the Twinkies brand is now taking over the maker of Necco Wafers.
The family business of billionaire Dean Metropoulos announced Friday it paid $17.3 million for the New England Confectionery Co., or Necco. It’s a surprise ending to a federal bankruptcy auction that initially left Necco to an Ohio company.
Spangler Candy Co. made the highest bid last week, but court records say it refused to close without a price reduction.
Instead a deal closed Thursday to sell Necco to a Connecticut-based branch of Metropoulos’ company, which made the second-highest bid.
Metropoulos’ firm previously bought Twinkies maker Hostess out of bankruptcy in 2013.
The 171-year-old Necco is based near Boston and is known for its Sweethearts candies sold around Valentine’s Day.