TMCnet News
New England Confectionery Company "NECCO" Acquired by Metropoulos Family EntityThe New England Confectionery Company ("NECCO"), the 171-year-old maker of the iconic NECCO wafer, has been acquired by Sweetheart Candy Co. LLC, an entity owned by Dean, Evan and Daren Metropoulos, for $17.3 Million. The deal, which closed yesterday, came in the wake of the company's April bankruptcy filing and subsequent auction process. The Metropoulos family has a long and successful track record of reinvigorating classic brands including Hostess, Pabst Blue Ribbon, Bumble Bee, Chef Boyardee, Vlasic, Ghirardelli and Perrier Jouet, among others. Over the course of nearly forty years, the family has invested in approximately 80 entities - transforming companies, accelerating revenue and earnings growth and propelling to renewed prominence scores of rich-heritage brands. Headquartered in Revere, MA, NECCO - the oldest continuously operating candy company in the U.S. - produces sweet treats, includin seasonal Sweetheart Conversation Hearts, Candy Buttons, Mary Jane candies and Clark Bars, in addition to its namesake wafers. "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," said Evan Metropoulos. "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," added Daren Metropoulos. NECCO CEO Mike McGee stated, "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." For more information about Metropoulos family investments please visit www.metropoulos.com. Further questions from customers, suppliers and vendors can be directed to NECCO CEO Mike McGee at 781-485-4578 or [email protected].
View source version on businesswire.com: https://www.businesswire.com/news/home/20180601005480/en/ |
