MTY Franchising USA, Inc., a subsidiary of MTY Food Group Inc., has entered into a definitive merger agreement to acquire all issued and outstanding shares of Wetzel’s Pretzels and its owner, COP WP Parent, Inc. The acquisition is valued at approximately $207 million and is expected to close sometime in December.

Through the merger, MTY gains over 350 Wetzel’s locations across the United States, Canada and Panama and a well-established quick-service restaurant and snack brand with 90% of locations franchised. From October 2021 to October 2022, Wetzel’s generated nearly $245 million in sales across 21 million customers.

“This transaction represents another key acquisition for MTY as it adds another iconic brand to MTY’s US portfolio,” says Eric Lefebvre, chief executive officer of MTY. “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 craveable and are recognized everywhere in the US by a broad range of customers.”

The deal marks MTY’s fourth major acquisition since 2016. Prior purchases include Famous Dave’s parent company BBQ Holdings in August 2022, the Papa Murphy’s pizza chain in 2019 and Kahala Brands, Ltd., the parent company of Cold Stone Creamery, Baja Fresh and several other brands, in 2016.