Company veteran Rotondo becomes CEO.

Atlanta-based BIP Opportunities Fund, LP purchased controlling interest in Tropical Smoothie Café, a 315-unit food and smoothie franchise. Scott Pressly, partner at BIP, assumes the role of chairman of the board and Mike Rotondo receives a promotion to chief executive officer for Tropical Smoothie.

Pressly has held a variety of leadership and board positions with the International Franchise Association, and has a strong track record of financial investments in franchise brands. Rotondo has led the Tropical Smoothie Café brand for the past four years as chief operating officer.