Franchising

Blackstone completes acquisition of Tropical Smoothie Cafe

Photo: TSC

June 10, 2024

Blackstone has completed the acquisition of Tropical Smoothie Cafe from Levine Leichtman Capital Partners.

"Tropical Smoothie Cafe is a nationally recognized brand with an impressive growth trajectory underpinned by a base of loyal franchisees and guests," Peter Wallace, a senior managing director of Blackstone's Private Equity business, said in a company press release. "With Blackstone's capital and resources, we look forward to accelerating the company's continued expansion across the country and supporting innovation to further capitalize on the brand's unique positioning."

Blackstone's investment in Tropical Smoothie Cafe is the most recent example of a number of leading franchisors the firm has partnered with to help propel growth, including Hilton Hotels and SERVPRO. As part of this transaction, Nigel Travis, former CEO of Dunkin' Brands, will serve as chairman of the Board for Tropical Smoothie Cafe.

Terms of the transaction were not disclosed.

"By partnering with Blackstone, Tropical Smoothie Cafe will be able to 'Inspire Better' in more communities nationwide alongside our dedicated franchisees," Charles Watson, CEO of Tropical Smoothie Cafe, said in the release. "2024 will be another big year in our growth trajectory, as we focus on operational excellence, menu innovation, and the digital guest experience."

Tropical Smoothie Cafe has over 1,400 locations in 44 states.