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Blackstone completes Tropical Smoothie Cafe acquisition

Blackstone has completed the acquisition of Tropical Smoothie Cafe, a franchisor of fast casual restaurants, from Levine Leichtman Capital Partners. The deal is the first for the most recent vintage of the firm’s flagship private equity vehicle.

Blackstone’s investment in Tropical Smoothie Cafe is the most recent example of a number of leading franchisors the firm has partnered with to help propel growth, including Hilton Hotels and SERVPRO.

As part of this transaction, Nigel Travis, former CEO of Dunkin’ Brands, will serve as Chairman of Tropical Smoothie Cafe’s board.

Terms of the transaction have not disclosed.

Barclays and Simpson Thacher & Bartlett advised Blackstone. Baird, North Point, BofA Securities and Kirkland & Ellis advised Tropical Smoothie Cafe.

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