Wetzel’s Pretzels, the Pasadena pretzel chain, has been sold to a Dallas private equity firm.
Levine Leichtman Capital Partners, a Los Angeles private equity firm that has owned Wetzel’s for nine years, sold its majority stake to CenterOak Partners for an undisclosed amount, said Bill Phelps, Wetzel’s chief executive and co-founder. The deal closed Thursday.
The company will remain based in Pasadena. There are no plans to close any of the nearly 300 locations or lay off any of the chain’s roughly 3,000 employees, Phelps said.
Phelps, who will stay on as CEO and the largest individual shareholder, said Levine Leichtman held onto its stake in...