DALLAS--(BUSINESS WIRE)--CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced the completion of the sale of Wetzel’s Pretzels (“Wetzel’s” or the “Company”), to MTY Franchising USA, Inc., a wholly owned subsidiary of MTY Food Group Inc. (TSX:MTY) for a cash purchase price of $207 million.
Headquartered in Pasadena, CA, Wetzel’s is the second largest U.S. franchisor and owner of quick service restaurants operating in the soft pretzel category. CenterOak acquired Wetzel’s in 2016.
“We are pleased to see the successful culmination of our investment in Wetzel’s,” said Randall Fojtasek, CEO and Co-Managing Partner of CenterOak. “During the investment period, we accelerated the Company’s growth by adding new real estate formats, product offerings and services to attract additional consumers to the concept. We look forward to the continued success of the Wetzel’s brand under new ownership.”
North Point Mergers and Acquisitions served as the exclusive financial advisor to Wetzel’s in connection with the transaction. Gibson, Dunn & Crutcher LLP served as legal counsel to the Company.
About Wetzel’s Pretzels
Founded in 1994, Wetzel’s Pretzels is the second largest U.S. franchisor and owner of quick service restaurants operating in the soft pretzel category. In addition to the Company’s signature hand-rolled soft pretzels, the menu includes Wetzel Dogs, Wetzel Bitz pretzel bites, fresh lemonade, granita and other beverages. Wetzel’s stores are located in shopping malls, outlet centers, theme parks, select discount retail stores, train stations and airports. The Company is headquartered in Pasadena, CA. For additional information, please visit www.wetzels.com.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the CenterOak team has a strong history of creating significant value through operational improvements. CenterOak and its Partners have managed over $2.4 billion of equity capital commitments and have completed more than 100 transactions, representing over $8 billion in value. For additional information, please visit www.centeroakpartners.com
