M&A Deal Summary

CenterOak Partners and Golub Capital Acquire Wetzel s Pretzels

On September 1, 2016, private equity firm CenterOak Partners and lender Golub Capital acquired restaurant Wetzel s Pretzels from Levine Leichtman Capital Partners

Acquisition Highlights
  • This is CenterOak Partners’ 1st and Golub Capital’s 2nd transaction in the Restaurants sector.
  • This is CenterOak Partners’ 2nd and Golub Capital’s 48th transaction in the United States.
  • This is CenterOak Partners’ 1st and Golub Capital’s 4th transaction in California.
Investment Fate
  • Wetzel s Pretzels was sold to a publicly-traded strategic buyer in 2022 for 207M USD.

M&A Deal Summary

Date 2016-09-01
Target Wetzel s Pretzels
Sector Restaurants
Buyer(s) CenterOak Partners
Golub Capital
Sellers(s) Levine Leichtman Capital Partners
Deal Type Secondary Buyout
Advisor(s) North Point Advisors (Financial)

Target

Wetzel s Pretzels

Pasadena, California, United States
Wetzel's Pretzels is an owner and franchisor of soft pretzel stores. Wetzel's menu includes a variety of fresh-baked soft pretzels, Wetzel Dogs, Wetzel Bitz, and beverages. Today, Wetzel’s Pretzels has 305 locations in 28 states and six countries. Wetzel's stores are located in shopping malls, outlet centers, theme parks, select discount retail stores, train stations, and airports. Wetzel’s Pretzels was founded in 1994 and is headquartered in Pasadena, California.

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Buyer(S) 2

Buyer

CenterOak Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2014
PE ASSETS 2.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CenterOak Partners is a private equity firm focused on making control-oriented investments in middle-market companies operating in the industrial, consumer, and business services sectors. The Firm will consider opportunities throughout the US and targets companies valued between $50 to $500 million. Prospective transaction situations include buyouts, recapitalizations, consolidations, and non-core divestitures. CenterOak Partners was formed in 2014 and is headquartered in Dallas, Texas.


DEAL STATS #
Overall 2 of 15
Sector: Restaurants M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 3
State: California M&A 1 of 2
Country: United States M&A 2 of 15
Year: 2016 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Cascade Windows

Spokane Valley, Washington, United States

Cascade Windows is a manufacturer of vinyl windows and doors serving the Western U.S. new and retrofit single and multi-family housing market. Cascade Windows operates six strategically located manufacturing facilities throughout the Western United States. Cascade Windows goes to market through an extensive network of dealers, builders, and distributors in its markets. Cascade Windows was founded in 1989 and is based in Spokane Valley, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Vivify

Glendale Heights, Illinois, United States

Vivify is a supplier of specialty colorants and functional ingredients to customers across multiple consumer and industrial end markets. Through diverse sourcing capabilities, advanced lab expertise, and a technical, high-touch salesforce, Vivify delivers customer-specific solutions focused on product performance and customized applications. Vivify was founded in 1978 and is based in Glendale Heights, Illinois.

Buy -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 48 of 69
Sector: Restaurants M&A 2 of 3
Type: Secondary Buyout M&A Deals 17 of 27
State: California M&A 4 of 6
Country: United States M&A 48 of 66
Year: 2016 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Pinnacle Treatment Centers

Mt. Laurel, New Jersey, United States

Pinnacle Treatment Centers is a comprehensive provider of substance abuse treatment services to individuals that are addicted to drugs and / or alcohol. Pinnacle Treatment Centers was founded in 2006 and is based in Mt. Laurel, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-04 Whitcraft

Eastford, Connecticut, United States

Whitcraft is a manufacturer of high quality, precision formed, machined and fabricated metal parts for the U.S. aerospace industry. The Company manufactures new and replacement jet engine and helicopter parts for large engine manufacturers serving both the commercial and military aircraft market. Whitcraft was founded in 1960 and is based in Eastford, Connecticut.

Sell -

Seller(S) 1

SELLER

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 24 of 59
Sector: Restaurants M&A 2 of 6
Type: Secondary Buyout M&A Deals 7 of 32
State: California M&A 8 of 11
Country: United States M&A 23 of 52
Year: 2016 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-20 Revenew International

Houston, Texas, United States

Revenew International provides cost recovery and cost containment services that deliver monetary recoveries and cost reduction benefits. Revenew offers a comprehensive suite of services including complex contract compliance and accounts payable reviews that address acute needs across clients’ entire procurement-to-payment cycle. Revenew’s superior service delivery and fee structure provide a unique and highly compelling value proposition to its clients. Revenew International is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 Tronair

Toledo, Ohio, United States

Tronair designs, manufactures, and sells of ground support equipment for business, commercial and military aircraft. Tronair's broad and innovative product line of GSE, comprised of over 1,500 products, is used by over 350 unique aircraft platforms. Tronair is the market leader in its core products and market segments, serving leading aircraft OEMs (e.g., Bombardier, Gulfstream, Embraer, Boeing and Airbus), fixed based operators, maintenance and repair providers, corporate hangars, commercial airlines, defense contractors and military airbases around the world. Tronair was founded in 1971 and is based in Toledo, Ohio.

Sell -