The sweet-maker, which also produces Wham bars and various hard sweets such as bonbons and mints, announced earlier this month that it had fallen into administration.
But administrators Pricewaterhouse Coopers confirmed that investment firm Principal Capital Management had made a successful bid for the company and pledged to continue producing its signature brand toffee in Scotland with production restarting towards the end of next week.
Millar McCowan had experienced trading difficulties after restructuring plans failed to live up to expectations and attempts to revive consumer interest in core brands were unsuccessful.
It supplied major retailers such as Tesco, ASDA and Morrisons from its two factories in Scotland which employed 157 workers and recorded sales of around £8m (€11.9m) per year.
The company was formed last year after the businesses and assets of two confectionery companies - Millar and Sons and McCowan's - were jointly acquired out of receivership.
McCowan's, founded in Stenhousemuir, Scotland in the 1920s, was previously owned by Swiss food conglomerate Nestlé and then Dutch confectioner, Phideas, before returning to Scottish ownership with the merger.
Highland Toffee has been produced by McCowan's for more than 80 years while the core Wham brand has been available since the 1980s and is particularly popular with children.