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Blackstone To Buy Tropical Smoothie Cafe
April 25, 2024
Alternative asset manager Blackstone is set to buy the restaurant chain Tropical Smoothie Cafe. Terms of the transaction were not disclosed. However, sources told the Wall Street Journal it was “nearly $2 billion, including debt.”
A press release by Blackstone announced that the company agreed to acquire Tropical Smoothie Cafe from Levine Leichtman Capital Partners. This is intended to help accelerate Tropical Smoothie Cafe’s rapid expansion.
Peter Wallace, a senior managing director in Blackstone’s Private Equity business, said, “Tropical Smoothie Cafe has had an impressive growth trajectory consistently building on its loyal customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of leading franchise businesses as one of our highest-conviction investment areas. We believe our capital and resources will help position Tropical Smoothie Cafe for continued success and innovation for the benefit of its guests and franchisees.”
Additionally, Charles Watson, CEO of Tropical Smoothie Cafe, believes the key to the business is delivering an “outstanding experience for each guest.” He thinks the company’s high-quality products and exceptional guest service allow the company to become a “beloved brand.” Watson is thrilled to watch the brand continue to evolve and grow with Blackstone’s backing.
Blackstone has a long history of successfully propelling the growth of franchises. It has already acquired two major companies, Hilton Hotels and SERVPRO.
Tropical Smoothie Cafe began operating as a single location on a beach in Destin, Florida, in 1997. It evolved into a nationally recognized brand with more than 1,400 locations in 44 states across the U.S. Tropical Smoothie Cafe is known for its smoothies and food offerings.
Some of its menu offerings include veggie smoothies, fruit fusions and blends, and tropical creations. Also on the menu are infusions that can be added to each drink, including collagen, multivitamins, probiotics, and whey protein.
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