After reports last week that New England Confectionery Co. is near liquidation, a former CEO of Necco said he's willing to buy the nostalgic company … if he gets crowdfunding support.
Al Gulachenski, who was CEO of Necco 2011-2015, said through CandyStore.com – part online candy broker and part news site – he needs a total of $30 million. He plans to raise $5-10 million himself and crowdfund the remaining $20 million from his GoFundMe page.
Necco, famous for its Necco Wafers and Sweethearts candy hearts with slogans, has been manufacturing candy in the Boston area since 1847. Gulachenski claims Necco is the oldest candy company in North America. He says the private equity owners have announced they will close the company by May 6 if they cannot find a buyer.
Gulachenski told the website Necco has a buyer lined up, but that buyer plans to liquidate the company and fire all its employees. The former CEO says he will bring back the executive team that worked with him in the past to make the company successful, preserving the heritage of Necco, maintaining as many of the current employees as possible and keeping it in Massachusetts.
"He has the intimate experience, successful track record, and passion for Necco and its employees that is needed," CandyStore.com wrote on its website. "In 2012, just his second year with the company, Gulachenski made the company profitable for the first time in decades."
If the $20 million crowdfunding goal isn’t reached, people will get their money back. "That’s how crowdfunding works," the CandyStore.com promised.
Buyer beware. But if interested, the GoFundMe page is at www.gofundme.com/we-need-to-save-necco-wafers.