Private equity funds managed by Blackstone will acquire Tropical Smoothie Cafe, a franchisor of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal is worth roughly $2 billion, per published reports.

Tropical Smoothie Cafe had U.S. system sales of roughly$1.3 billion, according to a Restaurant Business story, which added that is more than twice the sales the chain generated in 2019.

Tropical Smoothie Cafe traces its roots back to 1997 when it opened its first location on a beach in Destin, Fla. Since then, the chain has grown into a nationally recognized brand with more than 1,400 locations in 44 states across the U.S. today. As the name implies, the chain is known for its smoothies, but the menu does include other items. Tropical Smoothie Cafe opened more than 175 new locations in 2023 and 70% were opened by existing franchisees, per a company release.