American asset manager Blackstone has completed the acquisition of the fast-casual restaurant brand Tropical Smoothie Café from Levine Leichtman Capital Partners.  

The financial specifics of the transaction, facilitated by Blackstone-managed private equity funds, have not been disclosed.  

Levine Leichtman Capital Partners, the previous owner of Tropical Smoothie Café, initiated the sale process in December 2023 with the assistance of investment bank Robert W Baird & Co in a deal valued at $2bn. 

In April 2024, Blackstone signed a definitive agreement to acquire Tropical Smoothie Café.  

The acquisition marks the first transaction in Blackstone’s latest private equity vehicle. 

Nigel Travis, former CEO of Dunkin’ Brands, has been appointed as Tropical Smoothie Café’s new board chairman. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Barclays and Simpson Thacher & Bartlett served as financial advisor and legal counsel to Blackstone respectively for the acquisition.

Baird, supported by North Point and BofA Securities along with Kirkland & Ellis, advised Tropical Smoothie Café on the sale. 

Blackstone Private Equity business senior managing director Peter Wallace and managing director Michael Staub said: “Tropical Smoothie Café is a nationally recognised brand with an impressive growth trajectory underpinned by a base of loyal franchisees and guests. 

“With Blackstone’s capital and resources, we look forward to accelerating the company’s continued expansion across the country and supporting innovation to further capitalise on the brand’s unique positioning.” 

Founded in 1997 and based in Atlanta, Georgia, US, Tropical Smoothie Café has expanded significantly and now has more than 1,400 outlets across 44 US states. 

The brand, which was acquired by Levine Leichtman in September 2020, offers healthy bowls, smoothies, salads, sweets, wraps, flatbreads and sandwiches.

Tropical Smoothie Café CEO Charles Watson said: “By partnering with Blackstone, Tropical Smoothie Café will be able to inspire better in more communities nationwide alongside our dedicated franchisees. 2024 will be another big year in our growth trajectory, as we focus on operational excellence, menu innovation and the digital guest experience.”