Tropical Smoothie Cafe is set to be purchased by Blackstone for nearly $2 billion, according to a source

Blackstone and Tropical Smoothie did not immediately respond to requests for comment. 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. Levine Leichtman had acquired Tropical Smoothie, which was launched in 1997, for an undisclosed sum in 2020, when it had over 870 cafes.

Blackstone is entering an agreement with Tropical Smoothie Cafe, which started in 1997 in Destin, Florida, to purchase the food chain for nearly $2 billion.