BEVERLY HILLS Calif. Wetzel’s Pretzels LLC, franchisor of 190 namesake soft pretzel locations, has been acquired by Los Angeles private equity firm Levine Leichtman Capital Partners and members of Wetzel’s management, the buyers said Friday. Terms were not disclosed.
Wetzel’s senior management team of chief executive Bill Phelps and president Rick Wetzel made a “significant investment” in the company and will continue to lead the brand, according to the statement. BB&T Capital Markets served as financial adviser to Wetzel’s Pretzels.
The acquisition by Levine Leichtman is the company’s third in the franchise sector, it said, with current investments including CiCi’s Pizza and a stake in Quiznos. Levine Leichtman also was part of a drawn-out bidding war last year for Fox & Hound Restaurant Group, which operates more than 80 pub-style restaurants. Fox & Hounds eventually was purchased by an affiliate of private equity firms Newcastle Partners LP and Steel Partners II LP for about $150 million.