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New York City, California-based private equity firm Blackstone announced Wednesday that it will sign a deal to acquire Tropical Smoothie Cafe for $2 billion.
Blackstone said in a press release that it has reached an agreement with Levin Leichtman Capital Partners to acquire Tropical Smoothie Cafe. This marks the first transaction for Blackstone’s private equity vehicle, which aims to accelerate the franchise’s already rapid expansion by continuing to invest in the company’s menu, operations and marketing.
“Tropical Smoothie Cafe “Blackstone has an impressive growth trajectory and continues to expand its loyal client base across the country,” said Peter Wallace, senior managing director of Blackstone’s private equity business, “in areas where we have the greatest confidence in investing.” We believe our capital and resources will help Tropical Smoothie Cafe continue to succeed and innovate for the benefit of its guests and franchisees. “
A source familiar with the deal said Blackstone would acquire the company “for about $2 billion.”
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Blackstone Group is headquartered in Manhattan, New York (Reuters/Andrew Kelly/Reuters Image)
Tropical Smoothies, originally a shop located in Destin, Florida, founded in 1997, is famous for its variety of smoothies and meals.
The franchise has expanded to more than 1,400 locations in 434 states. By 2023, alone, Tropical Smoothies opened 175 new stores, more than two-thirds of which were opened by existing franchisees.
| Stock ticker | safety | the end | change | change % |
|---|---|---|---|---|
| bacchus | black stone | 123.76 | -0.46 | -0.37% |
“The key to this business is an exceptional experience for every guest who walks through our doors,” Tropical Smoothie CEO Charles Watson said in the release.
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Blackstone is expected to pay about $2 billion for the tropical smoothie cafe, a source familiar with the deal said. (Laura Kalchev/Getty Images/Getty Images)
Tropical Smoothies did not immediately respond to Fox News Digital’s request for comment or details about the acquisition.
Blackstone’s previous franchise deals include Hilton Hotels and ServPro, which specializes in cleaning and emergency restoration.
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Reuters reported in December that Tropical Smoothie’s private equity owner Levin Leichman Capital Partners was preparing to sell the chain for about $2 billion.
Reuters contributed to this report.
