The financial terms of the transaction were not disclosed. It is known that CenterOak Partners invested in Wetzel’s Pretzels with capital from its $420m CenterOak Equity Fund I, L.P.
Founded in 1994 by Bill Phelps, Chief Executive Officer, and Rick Wetzel, Wetzel’s Pretzels is an owner and franchisor of soft pretzel stores. with its menu including a variety of fresh baked soft pretzels, Wetzel Dogs, Wetzel Bitz pretzel bites, fresh lemonade, granita and other beverages.
Today, the company has 305 locations in 28 states and six countries located in shopping malls, outlet centers, theme parks, select discount retail stores, train stations and airports.