Shipley Do-Nuts, founded in 1936, was acquired by Peak Rock Capital, a leading middlemarket private investment firm based in Austin, Texas.
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Shipley has over 300 locations across nine states, with its headquarters located here in Houston.
The company is known mostly for its donuts and kolaches.
"My grandfather, father, and I have dedicated our lives to serving Shipley Do-Nuts, our franchisees and our guests," Lawrence Shipley III said 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."
Shipley also announced his retirement to focus on other investments with the news of the acquisition.
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The acquisition of Shipley Do-Nuts represents Peak Rock's 12th investment in the food, beverage and consumer industry in recent years.
The news comes a year and a half after another Texas staple, Whataburger, was sold to investment holdings firm BDT Capital Partners.
BDT Capital's holdings, which comprise entirely of family founded businesses, include minority investments in Einstein Bros. Bagels and Krispy Kreme Doughnuts.