CenterOak Partners sells Wetzel’s Pretzels to MTY Food Group

CenterOak Partners has wrapped up the previously announced $207 million sale of Wetzel’s Pretzels to MTY Franchising USA, a fully-owned subsidiary of MTY Food Group.

The deal was announced in November 2022.

Based in Pasadena, California, Wetzel’s Pretzels is a franchisor and owner of quick service restaurants that belong to the soft pretzel segment. Its menu features a range of fresh baked soft pretzels, Wetzel Bitz, Wetzel Dogs, and beverages.

Wetzel’s Pretzels has a network of more than 350 locations, of which 90% are franchised, and located in 25 US states and Canada, and Panama as well.

It was acquired by CenterOak Partners in 2016.

CenterOak Partners wraps up $207m sale of Wetzel’s Pretzels to MTY Food Group. Photo courtesy of JJBers from Willimantic, Connecticut, USA/Wikimedia Commons.

Randall Fojtasek — CenterOak Partners CEO and Co-Managing Partner said: “We are pleased to see the successful culmination of our investment in Wetzel’s.

“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 was the exclusive financial advisor to Wetzel’s Pretzels with regard to the deal, while Gibson, Dunn & Crutcher was the legal counsel.