M&A Deal Summary

MTY Acquires Wetzel s Pretzels

On November 2, 2022, MTY acquired restaurant Wetzel s Pretzels from CenterOak Partners and Golub Capital for 207M USD

Acquisition Highlights
  • This is MTY’s 40th transaction in the Restaurants sector.
  • This is MTY’s 3rd largest (disclosed) transaction.
  • This is MTY’s 10th transaction in the United States.
  • This is MTY’s 5th transaction in California.

M&A Deal Summary
Date 2022-11-02
Target Wetzel s Pretzels
Sector Restaurants
Buyer(s) MTY
Sellers(s) CenterOak Partners
Golub Capital
Deal Type Add-on Acquisition
Deal Value 207M USD

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) 1

Buyer

MTY

St. Laurent, Quebec, Canada
Category Company
Founded 1979
Sector Food
Employees7,326
Revenue 1.2B CAD (2023)
DESCRIPTION

MTY is among the foremost quick service companies in Canada. It operates 26 banners, of which 22 are fully owned and 4 are under exclusive license agreements. MTY Group's multi-bannered strategy has allowed it to become a leader in its class. MTY was incorporated in 1979 and is based in Saint-Laurent, Canada.

DEAL STATS #
Overall 48 of 48
Sector (Restaurants) 40 of 40
Type (Add-on Acquisition) 43 of 43
State (California) 5 of 5
Country (United States) 10 of 10
Year (2022) 2 of 2
Size (of disclosed) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-09 BBQ Holdings

Minnetonka, Minnesota, United States

BBQ Holdings is a franchisor and operator of casual and fast casual dining restaurants across 37 states in the U.S., Canada, and the United Arab Emirates. Its flagship restaurant brands operate under the famous dave’s, village inn, barrio queen, and granite city, banners. BBQ Holdings is based in Minnetonka, Minnesota.

Buy $200M

Seller(S) 2

SELLER

CenterOak Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2014
PE ASSETS 2.0B 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 6 of 8
Sector (Restaurants) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (California) 2 of 2
Country (United States) 6 of 8
Year (2022) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-06 Palmetto Exterminators

Charleston, South Carolina, United States

Palmetto Exterminators is an independent pest control company providing general pest, recurring termite and mosquito control services. Palmetto Exterminators was founded in 1960 and is based in Charleston, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 Guardian Access Solutions

Nashville , Tennessee, United States

Guardian Access Solutions is a value-added distributor, system integrator, and installer of access control systems which includes high-end residential and commercial automated gate systems, parking control systems, commercial security systems, and surveillance systems. Guardian Access Solutions is headquartered in Nashville, Tennessee.

Buy -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B 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 34 of 41
Sector (Restaurants) 2 of 3
Type (Add-on Acquisition) 16 of 19
State (California) 6 of 6
Country (United States) 34 of 39
Year (2022) 4 of 6
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Spear Education

Scottsdale, Arizona, United States

Spear Education is dentistry’s source for continuing education that serves dentists of all clinical skill levels and transforms practices and the lives of patients by offering physical hands-on courses, extensive peer-to-peer regional learning, and comprehensive online educational tools. Spear Education is based in Scottsdale, Arizona.

Sell -
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