(Reuters) -Blackstone is buying restaurant chain Tropical Smoothie Cafe for nearly $2 billion, including debt, a person familiar with the matter said on Wednesday.
The deal could be announced as soon as Thursday, the person noted.
Blackstone (NYSE:) 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.
The Atlanta-based company serves smoothies it bills as healthy, as well as wraps and sandwiches, among other foods. It now has more than 1,400 cafes in 44 states in the U.S., primarily through franchises.
The U.S. restaurant chain posted a positive increase in same-store sales in the first quarter of 2024, primarily helped by the launch of new menu items such as tropic bowls.
