Alternative asset manager Blackstone has acquired Tropical Smoothie Cafe from Levine Leichtman Capital Partners for an undisclosed sum.

The company said it will continue to invest in Tropical Smoothie Cafe’s menu innovation, operating excellence, and marketing strategies to accelerate its expansion.

The deal follows Blackstone’s previous acquisition of leading franchisors such as Hilton Hotels and Serpro.

Peter Wallace, a senior MD at Blackstone’s private equity business, said the restaurant chain has a consistent growth trajectory and a large customer base. 

“We believe our capital and resources will help position Tropical Smoothie Cafe for continued success and innovation for the benefit of its guests and franchisees,” Wallace continued.

“From high-quality products to exceptional guest service, our franchisees make our mission to become a beloved brand a reality day in and day out, and we are thrilled to see how the brand will continue to grow with Blackstone’s outstanding global resources behind it,” added Charles Watson, CEO of Tropical Smoothie Cafe.

First opened in Florida in 1997, Tropical Smoothie Cafe now has more than 1400 locations across 44 states. The company, known for its mix of smoothies and food offerings, added more than 175 new restaurants last year.