Blackstone buys Tropical Smoothie Cafe from LLCP

Levine Leichtman Capital Partners (LLCP) has announced the sale of U.S.-based franchise Tropical Smoothie Cafe to Blackstone, marking the end of a successful partnership. LLCP, a middle market investment firm with $9.6 billion in assets, has seen great returns on their investment in Tropical Smoothie Cafe, which has experienced rapid growth under their ownership.

Founded in 1997 and headquartered in Atlanta, Tropical Smoothie Cafe has nearly doubled in unit count since LLCP initially partnered with the company. The franchise has seen exceptional same-store sales growth and has been a key investment for LLCP. Matthew Frankel, a managing partner at LLCP, praised the partnership with Tropical Smoothie Cafe, stating that the company has been a phenomenal investment due to its franchise development activity and sales growth.

The sale of Tropical Smoothie Cafe was facilitated by Baird as the lead financial advisor, with support from North Point and BofA Securities. Legal counsel was provided by Kirkland & Ellis LLP in connection with the sale. LLCP’s decision to sell the franchise to Blackstone reflects their commitment to maximizing returns for their investors and continuing to seek opportunities in the middle market.

LLCP’s successful exit from Tropical Smoothie Cafe demonstrates their expertise in identifying and nurturing promising investments in the middle market. With offices in major cities around the world, LLCP remains a strong player in the investment industry, focusing on opportunities that offer growth potential and value creation.

Overall, LLCP’s sale of Tropical Smoothie Cafe to Blackstone is a testament to the strength of the franchise and the success of their partnership. This deal highlights LLCP’s ability to generate significant returns for their investors and strategically exit investments when the time is right. As a key player in the middle market, LLCP continues to seek out new opportunities for growth and value creation in various industries and markets.

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