Levine Leichtman Capital Buys Tropical Smoothie Cafe
Los Angeles-based private equity firm Levine Leichtman Capital Partners has partnered with management to acquire Tropical Smoothie Cafe, LLC, a franchisor of fast casual cafes with over 870 units across 44 states.
Tropical Smoothie Cafe will continue to be run by the existing executive team led by CEO Charles Watson. "We are excited to partner with Charles and the rest of the management team who have led the tremendous growth of Tropical Smoothie Cafe. We look forward to working with them as they continue to increase system-wide sales, improve franchisee unit economics and expand unit count in the significant remaining whitespace," said Matthew Frankel, Managing Partner of Levine Leichtman.
Tropical Smoothie Cafe will be the fifth investment from Levine Leichtman Capital Partners VI, L.P.; Levine Leichtman was advised by Kirkland & Ellis LLP. Debt financing was provided by Golub Capital.
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