Maker of candy hearts sold to company that saved Twinkies

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Candy Company Sale_1527021496459

FILE – In this Jan. 14, 2009 file photo, colored “Sweethearts” candy is held in bulk prior to packaging at the New England Confectionery Company in Revere, Mass. Four bidders are vying to buy the bankrupt manufacturer of Necco Wafers, Sweethearts and other iconic candies. A bankruptcy auction is scheduled for Wednesday, May 23, 2018. […]

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.

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