News

Wetzel's Pretzels sold

September 6, 2016

Private equity group CenterOak Partners holds the majority stake in Wetzel’s Pretzels following a deal announced Tuesday via press release. 

Levine Leichtman Capital Partners is no longer invested in the brand. The firm reaped seven times its original 2007 investment in the company in the transaction, the release said.

Wetzel’s CEO, Bill Phelps, and co-founder and board member Rick Wetzel will both remain in their current positions. 

"From rolling the first Wetzel’s Pretzel in our kitchens more than 23 years ago, our vision of serving fresh, delicious pretzels in a fun atmosphere has remained the same," Phelps said in the release. "We’re thrilled to have found a business partner in CenterOak Partners that believes in that vision, and understands our top priority is the profitability of our franchise partners."

This year, Wetzel’s Pretzels has experienced a same-store sales increase of 6.7 percent, with system-wide sales of $165 million. The chain also opened locations in Manhattan’s Fulton Center and the Mall of America.