The acquisition marks the first deal for Blackstone’s latest private equity vehicle. Credit: Phillip Pessar/Flickr(Creative Commons).

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.  

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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. 

See Also:

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

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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.”