CenterOak agrees to sell Wetzel’s Pretzels for $207m cash

CenterOak acquired Wetzel's in 2016 using capital from its debut fund, which it closed on $420 million in 2016. 

  • CenterOak acquired Wetzel’s Pretzels in 2016
  • Used capital from its debut fund
  • Total sales reached about $245m in last 12 months

CenterOak Partners agreed to sell Wetzel’s Pretzels to MTY Franchising USA, a wholly owned subsidiary of MTY Food Group, for a cash price of $207 million.

The deal is subject to customary closing conditions. CenterOak acquired Wetzel’s in 2016 using capital from its debut fund, which it closed on $420 million in 2016.

Wetzel’s, with a network of more than 350 locations, 90 percent of which are franchised, is a franchisor and owner of quick-service restaurants. The company’s menu includes fresh baked soft pretzels, Wetzel Dogs, Wetzel Bitz and beverages.

Total sales reached about $245 million during the last 12 months, serving nearly 21 million customers.