Blackstone set to purchase Tropical Smoothie Cafe for nearly $2 billion [FOX Business Network]
Blackstone Inc. (BX)
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Source: FOX Business Network
New York City -based private equity firm Blackstone announced Wednesday that it was entering into an agreement to purchase Tropical Smoothie Cafe, for what has been reported to be a $2 billion deal. In a press release, Blackstone said it entered into an agreement with Levine Leichtman Capital Partners to purchase Tropical Smoothie Cafe. It marks the first transaction from Blackstone's private equity vehicle, the release read, and is intended to speed up the franchise's already-rapid expansion by continuing to invest in the company's menu, operations and marketing. Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide," Peter Wallace, a senior managing director in Blackstone's private equity business said. "Blackstone has deep experience helping accelerate the expansion of leading franchise businesses as one of our highest-conviction investment areas. We believe our capital and resources will he
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