The Metropoulos family, known for turning around nostalgic household names like Hostess Brands and Chef Boyardee, is buying the maker of Necco wafers after a sale of the company behind the chalky treats to an Ohio candy maker fell apart, WSJ Pro Bankruptcy reported. Round Hill Investments LLC, the firm run by billionaire investor C. Dean Metropoulos and his sons Evan and Daren, has purchased the New England Confectionery Co. out of bankruptcy for $17.3 million. The sale, which a bankruptcy lawyer said closed on Thursday, comes days after a deal with Ohio’s Spangler Candy Co., the maker of Dum Dum lollipops, collapsed. Spangler had won a chapter 11 auction last week and agreed to pay $18.83 million for the pre-Civil War era candy maker. However, court papers show, Spangler wanted its purchase price adjusted to reflect a lower price, causing the sale to collapse. The failure of the Spangler sale left backup bidder Round Hill in position to acquire the 171-year-old candy maker.
