HomeNewsBlackstone completes acquisition of Tropical Smoothie Café

Blackstone completes acquisition of Tropical Smoothie Café

The financial details of the transaction remain undisclosed.


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

The financial details of the transaction, overseen by Blackstone-managed private equity funds, remain undisclosed.

In December 2023, Levine Leichtman Capital Partners, the former proprietor of Tropical Smoothie Café, commenced the sale proceedings with the guidance of investment bank Robert W Baird & Co, in a transaction estimated at $2 billion.

In April 2024, Blackstone entered into a binding agreement to purchase Tropical Smoothie Café.

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The acquisition represents the first transaction within Blackstone’s latest private equity vehicle.

Leadership Changes

Nigel Travis, the ex-CEO of Dunkin’ Brands, has been named as the new board chairman of Tropical Smoothie Café.

Barclays provided financial advisory services, while Simpson Thacher & Bartlett served as legal counsel to Blackstone for the acquisition.

Baird advised Tropical Smoothie Café on the sale with backing from North Point, BofA Securities, and Kirkland & Ellis.

Future Plans:

Peter Wallace, Senior Managing Director of Blackstone’s Private Equity division, along with Managing Director Michael Staub, remarked, “Tropical Smoothie Café is a nationally renowned brand experiencing remarkable growth, bolstered by a foundation of dedicated franchisees and patrons.”

“With the backing of Blackstone’s capital and resources, we anticipate expediting the company’s nationwide expansion and fostering innovation to maximize the brand’s distinctive position.”

Established in 1997 and headquartered in Atlanta, Georgia, USA, Tropical Smoothie Café has undergone substantial growth, boasting over 1,400 outlets spread across 44 states in the US.

Acquired by Levine Leichtman in September 2020, the brand provides a variety of health-conscious options including bowls, smoothies, salads, desserts, wraps, flatbreads, and sandwiches.

CEO Charles Watson of Tropical Smoothie Café expressed, “Through our collaboration with Blackstone, Tropical Smoothie Café aims to spread wellness to more communities across the nation alongside our committed franchisees. In 2024, we anticipate another significant year in our expansion journey, prioritizing operational excellence, menu enhancements, and enhancing the digital guest experience.”

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