Levin Leichtman Acquires Tropical Smoothie CafeAnchor Admin September 12, 2020
Levin Leichtman Capital Partners, a private equity firm in Los Angeles, announced Tuesday that it has acquired Tropical Smoothie Cafe.
The terms of the deal were undisclosed. The brand, which has more than 870 units in 44 states, will be run by CEO Charles Watson and the existing leadership team.
Levin Leichtman is taking over a company that’s seen record-breaking results amid the pandemic. In July, Tropical Smoothie grew same-store sales by 25.5 percent and comp transactions by 5.8 percent. The chain has opened more than 55 stores in 2020 and expects to add more than 30 by the end of the year. By July, the company signed 103 new franchise agreements, including 49 since March 1—67 percent of which are existing operators.
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