Levine Leichtman Capital Partners has hired Robert W. Baird & Co. to launch a sale process for Tropical Smoothie Cafe as early as January, according to Reuters. The sale would reportedly go for $2 billion.
Reuters reported that their sources says no deal is certain, but it could value the chain at around 20 times its approximately $100 million 12-month annual earnings.
Born on a beach in 1997, today Tropical Smoothie Cafe has more than 1,235 locations in 44 states. DYNE Hospitality Group, co-founded by Nick Crouch and Glen Johnson, currently operates 23 cafes across Arkansas, and has grown to 100 locations across six states in just 11 years.
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