Houston's own Shipley Do-Nuts has been purchased by an Austin-based private investment firm called Peak Rock Capital, according to a report by Restaurant Business. The Wall Street Journal reported the news first on Tuesday.

Shipley, which was founded in 1936 and opened its first store at 1417 Crockett St, has more than 300 locations across the country, including in states like Florida and Oklahoma. An integral part of the Houston food culture, it's known for yeast and cake donuts and kolaches.

"My grandfather, father and I have dedicated our lives to serving Shipley Do-Nuts, our franchisees and our guests," said Lawrence Shipley III, who has retired from the company, in a release. "After an exhaustive search, it became clear that Peak Rock Capital was the ideal steward of our business as it pursues the next stage of growth. My family is thrilled to continue as investors in the company, and we look forward to the exciting growth to come."

Peak Rock has purchased multiple food-and-beverage businesses over the last several years. In 2019 it bought Pennsylvania-based Turkey Hill from the Kroger Co.

"Shipley represents an exciting opportunity to invest in a beloved consumer brand with an established reputation for authenticity and quality," said Robert Strauss, managing director of Peak Rock, in a release. "We are incredibly impressed with the franchise that the Shipley family has built, and we look forward to partnering with the Company’s management team to invest behind their growth plan. Shipley is deeply committed to continue providing existing franchisee partners with opportunities to grow their business and will actively seek relationships with new partners who are interested in being a part of our growing concept."

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