New England Confectionery Company Announced that the Process to Explore Strategic Options for The Company Has Been Suspended

Mar 08, 2011, 17:30 ET from The New England Confectionery Company, Inc.

REVERE, Mass., March 8, 2011 /PRNewswire/ -- The New England Confectionery Company, Inc. ("NECCO") announced today that the process to explore strategic options for the company has been suspended.  The exploratory process began in November 2010 and was led by Sawaya Segalas & Co. LLC, a consumer product-focused investment banking firm based in New York City.

According to management, continuing to operate NECCO represents the optimal strategy for American Capital, the company's majority owner, to maximize the return on its investment.  "The opportunity for NECCO at this juncture is quite strong; we have made critical improvements to our business, the Original NECCO Wafer is being re-launched later this month due to popular demand, and we are developing a robust pipeline of new products to engage lovers of our candy," according to Dave Smith, NECCO's Chief Operating Officer.

NECCO continues to make a number of operational enhancements to its business including efficiencies in shipping practices, broadening of distribution channels, strengthening of its partner relationships, and refinements to production.  Management has confidence that recent improvements in the business, combined with continued support from its partners and local officials will greatly improve NECCO's growth trajectory.  Dave Smith added, "Our employees take enormous pride in what we do here at NECCO.  We are honored to have the continued support of our investors, partners, local officials, and, of course, those who enjoy our candy.  We express our gratitude to all by delivering excellence in everything we do."  

Based in Revere, Massachusetts, NECCO is the oldest multi-line candy company in the United States.  NECCO manufactures and distributes well-recognized brands such as Sweethearts® Conversation Hearts, NECCO® Wafers, Clark® Bar, Haviland® and Mary Jane®.  NECCO's unique brands have distinguished themselves within the candy industry and have been enjoyed by consumers for over 160 years.

SOURCE The New England Confectionery Company, Inc.