Days after a bankruptcy court-ordered auction awarded New England Confectionary Co. (Necco) to Spangler Candy Co., the deal fell through. Instead, Round Hill Investments, run by C. Dean Metropoulos and his sons Evan and Daren, won Necco for $17.3 million.
Round Hill Investments and Metropoulos have turned around a number of well-known but older companies, the most recent being Hostess Brands.
Ohio’s Spangler Candy Co., which makes Dum Dum lollipops and marshmallow Circus Peanuts, agreed in the May 23 auction to pay $18.83 million for the 171-year-old maker of Necco wafers and SweetHearts, then wanted its purchase price adjusted to reflect a lower price, causing the sale to collapse, according to the Wall Street Journal.
