CenterOak Partners LLC, a Dallas-based private equity firm, has announced its portfolio company Wetzel’s Pretzels has entered into a definitive agreement to be acquired by MTY Franchising USA, Inc., a wholly owned subsidiary of MTY Food Group Inc. for a cash purchase price of $207 million. The transaction is subject to customary closing conditions.

The Montreal-based MTY Franchising USA, Inc. recently acquired the take-and-bake pizza brand Papa Murphy's, as well. The Wetzel's Pretzels deal is its second U.S. acquisition this year; it also acquired BBQ Holdings, which owns Famous Dave's, Granite City, and Village Inn.

Headquartered in Pasadena, CA, Wetzel’s is the second largest franchisor and owner of quick service restaurants operating in the snack category. The company has a network of over 350 locations, 90% of which are franchised, across 25 states in the U.S., as well as Canada and Panama. The company’s menu includes a variety of fresh baked soft pretzels, Wetzel Dogs, Wetzel Bitz, and beverages. During the last twelve months, total network sales have reached approximately $245 million, serving nearly 21 million customers. CenterOak acquired Wetzel’s in 2016.