Chicago-based Arway Confections Inc. bought out Long Grove Confectionery Co. right after Long Grove company officials told employees that the financially struggling company would be closing down.
The nearly 100 workers employed by Long Grove Confectionery received notice last week that the 39-year-old company would be closing, said Craig Leva, president of Arway Confections and now of Long Grove Confectionery.
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But around that same time, Leva said, he got a phone call from John Mangel, owner and co-founder of Long Grove Confectionery, who suggested that Arway buy out Long Grove in order to keep it open.
A quick deal was hashed out, and Arway officially took over Long Grove and acquired its two properties -- the retail store and factory -- this past Monday, signing an official deal on Wednesday.
Leva said both parties wanted to finalize a deal as soon as possible. They didn't want to lose regular customers by temporarily shutting down Long Grove's factory and retail store while a deal was drawn up, he said.
"I haven't slept in three days I think," Leva said, noting how little time both companies had to finalize the sale.
Leva chose not to disclose sale details, including the price.
Long Grove Confectionery Co., a family-owned company, will keep that name, will continue to sell all the same products and will still give tours at its factory in Buffalo Grove, Leva said.
"The Long Grove name is such a known entity, especially in the Chicago land area," Leva said. "We'd be crazy to let that go."
Employees at both the factory and retail store in Long Grove will keep their jobs, Leva said.
However, John Mangel will retire, and his son David Mangel will no longer serve as vice president. But, David will help with the transition process for both companies, Leva said.
John and David Mangel were not immediately available for comment.
Long Grove Confectionery Co. was founded in 1974 by John and Heidi Mangel, while Arway Confections Inc. was created in 1950 by Leva's step-grandfather.