MTY Food Group completes its acquisition of Wetzel’s Pretzels

The $207 million deal is the latest in a string of acquisitions by the Canadian owner of Pinkberry and Papa Murphy’s, giving the company a major U.S. presence.
Wetzel's Pretzels acquisition
MTY Food Group completed its $207 million deal for Wetzel's Pretzels. / Photograph: Shutterstock.

MTY Food Group has completed its latest push into the U.S.

The Montreal-based operator of dozens of restaurant chains on Thursday said it completed its $207 million acquisition of Wetzel’s Pretzels from CenterOak Partners.

In so doing, the owner of brands like Papa Murphy’s, Pinkberry and Cold Stone Creamery has yet another mall-based treat concept in the U.S. Wetzel’s is the country’s second-largest pretzel brand. Wetzel's has 350 locations, 90% of which are operated by franchisees. System sales were $221 million last year, according to data from Restaurant Business sister chain Technomic. 

It’s the latest in a long string of U.S. acquisitions that have turned what was largely an owner of Canadian food court brands into a major holder of restaurants south of the border.

That acquisition string began with the 2016 acquisition of Kahala Brands, the owner of Pinkberry and Cold Stone, among others, and continued with deals such as one in 2019 for take-and-bake chain Papa Murphy’s. Earlier this year, MTY acquired Famous Dave’s owner BBQ Holdings, which operates several other chains such as Granite City and Village Inn.

Even before the deals this year, MTY has been generating more of its revenue in the U.S. than in Canada. Fifty-four percent of its revenue last quarter came from those aforementioned acquisitions.

MTY’s U.S. brands operate more than 4,200 locations. Together, they will represent about 70% of the company’s total system sales.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.


Exclusive Content


Yes, there is such a thing as too fast in the quick-service world

The Bottom Line: In a world of digital orders and drive-thrus, friendly service actually matters more than speed.


BK franchisee Carrols goes from tragedy to triumph

The big Burger King franchisee has overcome a pandemic, inflation, questions about its future and the death of multiple executives to become the industry’s best turnaround story of 2023.


Who's on your fantasy restaurant-management team?

Reality Check: Why bother with fantasy football when the ideal virtual C-suite is waiting to be picked? Here's my roster.


More from our partners