In a partnership with the chain’s management, Levine Leichtman Capital Partners will acquire Tropical Smoothie Cafe. Terms of the deal for the fast-casual chain with 870 units across 44 states were not disclosed.
Tropical Smoothie Cafe’s existing executive team will continue to lead the business. Charles Watson will remain as CEO for the chain.
Levine Leichtman is no stranger to the restaurant industry. The Los Angeles-based private equity firm’s past investments in restaurant chains include such concepts as Beef ‘O’ Brady’s, Bertucci’s Italian Restaurant, Cici’s Pizza, Quizno’s Subs and Wetzel’s Pretzels. In addition, Levine Leichtman also made an investment in BSI, a Colorado-based manufacturer of food guards, counters, cold pans, heated merchandisers, floor troughs, and custom stainless products for the commercial foodservice industry.