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Tropical Smoothie Cafe sold to Levine Leichtman Capital PartnersTropical Smoothie Cafe sold to Levine Leichtman Capital Partners

Private-equity firm says restaurant’s management will remain in place

Bret Thorn, Senior Food Editor

September 8, 2020

1 Min Read
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Levine Leichtman Capital Partners has agreed to purchase fast-casual chain Tropical Smoothie Cafe, the Los Angeles-based private equity firm said Tuesday. Management, led by CEO Charles Watson, will remain the same.

“We are excited to partner with Charles and the rest of the management team who have led the tremendous growth of Tropical Smoothie Cafe. We look forward to working with them as they continue to increase system-wide sales, improve franchisee unit economics and expand unit count in the significant remaining whitespace,” LLCP managing partner Matthew Frankel said in the press release announcing the purchase, terms of which were not disclosed.

Atlanta-based Tropical Smoothie Cafe franchises more than 870 fast-casual restaurants in 44 states, and has continued to perform well during the novel coronavirus pandemic, having reported same-store sales growth of 25.5% in July.

The chain specializes in sandwiches and flatbreads as well as smoothies.

“My team and I are very excited to partner with LLCP as Tropical Smoothie Cafe seeks to enhance its market-leading position,” Watson said. “Having the opportunity to leverage LLCP's extensive franchise expertise will be pivotal in driving further growth and supporting franchisees in inspiring better in our guests."”

Related:Golden Gate Capital to sell Red Lobster Seafood Co. to group led by Thai Union

LLCP has previously invested in Bertucci’s, Cicis Pizza, Quiznos and Wetzel’s Pretzels, although Tropical Smoothie is its only current restaurant investment, according to its website.

LLCP was advised in the deal by Kirkland & Ellis LLP. Debt financing was provided by Golub Capital. Management was advised by Jamieson and Peter Klein, P.A. Tropical Smoothie Cafe was advised by Robert W. Baird & Co. and Alston & Bird LLP.

Contact Bret Thorn at [email protected] 

Follow him on Twitter: @foodwriterdiary

About the Author

Bret Thorn

Senior Food Editor, Nation's Restaurant News

Senior Food & Beverage Editor

Bret Thorn is senior food & beverage editor for Nation’s Restaurant News and Restaurant Hospitality for Informa’s Restaurants and Food Group, with responsibility for spotting and reporting on food and beverage trends across the country for both publications as well as guiding overall F&B coverage. 

He is the host of a podcast, In the Kitchen with Bret Thorn, which features interviews with chefs, food & beverage authorities and other experts in foodservice operations.

From 2005 to 2008 he also wrote the Kitchen Dish column for The New York Sun, covering restaurant openings and chefs’ career moves in New York City.

He joined Nation’s Restaurant News in 1999 after spending about five years in Thailand, where he wrote articles about business, banking and finance as well as restaurant reviews and food columns for Manager magazine and Asia Times newspaper. He joined Restaurant Hospitality’s staff in 2016 while retaining his position at NRN. 

A magna cum laude graduate of Tufts University in Medford, Mass., with a bachelor’s degree in history, and a member of Phi Beta Kappa, Thorn also studied traditional French cooking at Le Cordon Bleu Ecole de Cuisine in Paris. He spent his junior year of college in China, studying Chinese language, history and culture for a semester each at Nanjing University and Beijing University. While in Beijing, he also worked for ABC News during the protests and ultimate crackdown in and around Tiananmen Square in 1989.

Thorn’s monthly column in Nation’s Restaurant News won the 2006 Jesse H. Neal National Business Journalism Award for best staff-written editorial or opinion column.

He served as president of the International Foodservice Editorial Council, or IFEC, in 2005.

Thorn wrote the entry on comfort food in the Oxford Encyclopedia of Food and Drink in America, 2nd edition, published in 2012. He also wrote a history of plated desserts for the Oxford Companion to Sugar and Sweets, published in 2015.

He was inducted into the Disciples d’Escoffier in 2014.

A Colorado native originally from Denver, Thorn lives in Brooklyn, N.Y.

Bret Thorn’s areas of expertise include food and beverage trends in restaurants, French cuisine, the cuisines of Asia in general and Thailand in particular, restaurant operations and service trends. 

Bret Thorn’s Experience: 

Nation’s Restaurant News, food & beverage editor, 1999-Present
New York Sun, columnist, 2005-2008 
Asia Times, sub editor, 1995-1997
Manager magazine, senior editor and restaurant critic, 1992-1997
ABC News, runner, May-July, 1989

Education:
Tufts University, BA in history, 1990
Peking University, studied Chinese language, spring, 1989
Nanjing University, studied Chinese language and culture, fall, 1988 
Le Cordon Bleu Ecole de Cuisine, Cértificat Elémentaire, 1986

Email: [email protected]

Social Media:
LinkedIn: https://www.linkedin.com/in/bret-thorn-468b663/
Facebook: https://www.facebook.com/bret.thorn.52
Twitter: @foodwriterdiary
Instagram: @foodwriterdiary

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