- THE MAGAZINE
- NEW PRODUCTS
It turns out that a failed attempt by Wolfgang Candy Co. to create a partnership with an unnamed company about five months ago may have been serendipitous afterall.
By the end of the month, the company expects to finalize the acquisition by Divine Serendipity, LLC.
Divine plans to keep the current leadership team as well as the current employees and to help the company market its regional brands on a national level, says Benjamin McGlaughlin, current president and ceo of Wolfgang.
“We’ve got a really deep history in candy making, and what we’ve struggled with is the capital necessary to launch the brand nationally,” he explains. “This allows us to launch on a national stage.”
The $1-million deal will give Divine all of the Wolfgang assets except for real estate. However, the agreement also includes plans to financially back the capital needed for Wolfgang to compete on a national level, which McGlaughlin says is two to three times that.
Manufacturing is going to remain at Wolfgang’s York, Penn. plant, McGlaughlin says.
Wolfgang had entered bankruptcy at the beginning of the year, and had tried to negotiate a partnership with an unnamed company to stave it off, but the bank ended up not approving it. So, after that, they entertained other deals from a handful of companies before eventually settling on Divine, McGlaughlin explains.
Wayne Sellers, ceo of Divine Serendipity, says his company is excited to add Wolfgang to its family.
“It’s not often that you find a premium confection brand with a long history of family tradition and commitment to superior candy making,” he says.
Sellers also owns other food companies, including Pasquale’s Pizza and Pasta.
Founded in 1921, Wolfgang Candy Co., offers an array of premium chocolate and non-chocolate confections available to the retail and fundraising markets.