Necco Wafers are for DumDums, but that’s not a judgment.
Spangler Candies, makers of DumDums suckers and Circus Peanuts, has taken over confectioner Necco, beating out two other bidders at an auction.
Spangler’s $18.83 million offer topped one from Round Hill Investments, which is run by former Necco CEO Al Gulachenski.
The buyout should ensure that the chalky, curiously flavored candies (which have been red hot on eBay and in candy stores as word of their possible demise spread) will survive. Also saved are the iconic candy hearts (with sayings like “True Love” and “Text Me”) that appear every Valentine’s Day.
Necco calls itself America’s oldest candy company and has been in operation since 1847. (Spangler’s close, having been founded in 1906.) The company has struggled in recent years, though and launched a desperate search to find a buyer.
Gordon Brothers was set to take over the company and likely sell it in pieces, but a bankruptcy judge decided an auction could bring a higher price. Spangler’s bid was reportedly $5 million higher than Gordon Bros.’ initial offer.
Beyond Necco wafers and candy hearts, Necco also is the company behind Clark Bars and Sky Bars. Spangler has not yet discussed what it plans to do with the individual brands it now controls.