Blackstone is entering an agreement with Tropical Smoothie Cafe, which started in 1997 in Destin, Florida, to purchase the food chain for nearly $2 billion.
Atlanta-based Tropical Smoothie Cafe will be under new management when Blackstone acquires the 1,400-unit brand from Levine Leichtman Capital Partners, a Los Angeles-based private equity firm. Matthew Frankel, managing partner of LLCP, said he was grateful for the partnership with…
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Private equity funds managed by Blackstone will acquire Tropical Smoothie Cafe, a franchisor of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal is worth roughly $2 billion, per published reports.