Necco Sale Shifts to Other Buyer

Despite offering the winning bid at auction, the Spangler Candy Co. will not purchase the bankrupt maker of conversation hearts.

Necco Wafer Company Ap
AP file

BOSTON (AP) — 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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