Blackstone is preparing to buy one of the country’s 100 largest chain restaurants as it revives its investment activity after a 2023 lull.
The world’s largest private equity firm announced Thursday that it has reached a deal to acquire Tropical Smoothie Cafe from Levine Leichtman Capital Partners. Blackstone is shelling out nearly $2B for the company, including assuming Tropical Smoothie’s debt, The Wall Street Journal reported.
The Atlanta-based franchise smoothie and bowl purveyor has 1,400 locations in 44 states after opening roughly 175 new locations last year, 70% of which were with existing franchise operators, according to a press release.
Tropical Smoothie is the top smoothie or juice franchise in the U.S. and…