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Credit asset manager supports acquisition of pretzel company

Golub Capital has provided a $66.5m facility to CenterOak Partners to finance its acquisition of Wetzel’s Pretzels.

Golub Capital has provided a one-loan debt facility to support the acquisition of a snack food franchisor.

Credit asset manager Golub announced it acted as lead arranger on a $66.5 million loan to CenterOak Partners to finance its acquisition of Wetzel’s Pretzels from Levine Leichtman Capital Partners.

CenterOak managing partner Randall Fojtasek declined to provide more detail the terms of the loan.

Wetzel’s Pretzels sells freshly-baked soft pretzels in 305 locations spread across 28 states and six countries, making it the second largest owner and franchisor of soft pretzel stores. The company has experienced revenue and EBITDA growth every year for the past decade, according to a statement released by Levine Leichtman.

“We look forward to working with Wetzel’s Pretzels management and CenterOak Partners as they pursue growth opportunities for the business,” Golub senior managing director Gregg Cashman said in the statement.

Fojtasek said that the company’s future growth is likely to focus on expansion within the United States.

Gloub’s loan was offered as a one-loan debt, or GOLD, facility.

CenterOak Partners is a mid-market private equity firm focused on the industrial, consumer and business services sectors in the US South and Southwest. Based in Dallas, Texas, the firm pursues control-orientated investments and has completed nearly 100 acquisitions totalling over $3 billion in transaction value.

Golub is a credit asset manager founded in 1994. The firm has $18 billion in capital under management.

Reporting by Chris Janiec.