MTY Franchising USA Inc., a subsidiary of MTY Food Group Inc., has purchased Wetzel’s Pretzels, a portfolio company of CenterOak Partners, for a cash purchase of $207 million.

Headquartered in Pasadena, Calif. Wetzel’s is a franchisor and owner of quick service restaurants operating in the snack category. The company has over 350 locations across 25 states in the U.S. as well as Canada and Panama. The company’s menu includes fresh baked soft pretzels, “Wetzel Dogs,” “Wetzel Bitz,” and beverages. Over the last 12 months, total network sales have reached approximately $245 million, serving around 21 million customers.