MTY Food Group Inc. To Acquire Wetzel's Pretzels for $207 Million

MTY Franchising USA, Inc., a wholly owned subsidiary of MTY Food Group Inc. (TSX: MTY), will acquire Wetzel’s Pretzels for $207 million after a record-setting year for the snack chain. In 2021, Wetzel’s reported a same-store sales increase of 24% relative to 2019, and its total sales nearly reached $245 million in the last 12 months.

"This transaction represents another key acquisition for MTY as it adds another iconic brand to MTY's U.S. portfolio," said MTY’s CEO, Eric Lefebvre. “The transaction enhances MTY's footprint in the snack category with Wetzel's Pretzels' strong network of franchise partners, well-run corporate-owned locations, and a best-in-class management team. Its products are extremely crave-able and are recognized everywhere in the U.S. by a broad range of customers. We look forward to exploring all the opportunities this transaction brings to both companies.”

Headquartered in Pasadena, CA, Wetzel’s has more than 350 locations in 25 states and plans to reach the 400-unit milestone in 2023.

“I think the pretzel fits in for folks,” CEO Jenn Schuler told QSR. “It's very comforting. Hot fresh bread, a sense of nostalgia ties you back to something in your youth, whether that was the Wetzel’s you had at the mall or one you had at an amusement park or state fair.”

The acquisition is expected to close in the next 30 to 45 days.

Read the full article here at QSRMagazine.com.