Blackstone has announced a deal to acquire Tropical Smoothie Café, the top smoothie and juice franchise in the U.S. with more than 1,400 outlets in 44 states, from Los Angeles-based private equity firm Levine Leichtman Capital Partners (LLCP).

Blackstone's deal for the rapidly growing fast-casual chain is valued at close to $2B, including an assumption of Tropical Smoothie Café's debt, according to a report in the Wall Street Journal. Terms of the deal were not included in the announcement.

Blackstone said in a release it intends to accelerate the expansion of the Atlanta-based chain, which added more than 175 new locations in 2023, 70% of which were opened by existing franchisees. In total, Tropical Smoothie Café inked 258 franchise agreements last year.

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