Blackstone Agrees to Buy Tropical Smoothie Cafe in a $2 Billion Deal

Blackstone has agreed to buy Tropical Smoothie Cafe, the private equity firm said on Wednesday, in a deal that a source said valued the restaurant chain at $2 billion.

The Atlanta-based company began operating as a single location on a beach in Destin, Florida, and now operates over 1,400 locations in 44 states. It serves smoothies, wraps and sandwiches, among other foods.

Reuters had reported in December, citing sources, that Levine Leichtman Capital Partners, the private equity owner of Tropical Smoothie, was preparing to put the chain up for sale for around $2 billion.

Read the source article at Street Insider