Dallas-based private equity firm CenterOak Partners has closed the divestment of Wetzel’s Pretzels to MTY Franchising USA, a completely-owned subsidiary of Canada-based MTY Food Group.

Based in Pasadena, California, Wetzel’s is a US franchisor and owner of quick-service restaurants that operate in the soft pretzel segment.

CenterOak signed a definitive agreement in November to divest Wetzel’s Pretzels for $207m in cash.

Wetzel’s was acquired by CenterOak in 2016.

CenterOak CEO and co-managing partner Randall Fojtasek 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.”

Wetzel’s has more than 350 locations, of which 90% are franchised. Its restaurants are spread across 25 US states and are also located in Panama and Canada.

Its menu features fresh baked soft pretzels, Wetzel Dogs, Wetzel Bitz and beverages.

In November, the company stated that its total network sales touched around $245m, and that it had served almost 21 million customers, in the last twelve months.

North Point Mergers and Acquisitions acted as the sole financial advisor to Wetzel’s for the deal while Gibson, Dunn & Crutcher LLP was the legal counsel.