William Blair client Blackstone received Franchise Times' prestigious 2025 Deal of the Year award in the 13th annual Dealmakers project for its acquisition of Tropical Smoothie Café.
The recognition is the latest honor for clients advised by William Blair’s Consumer Products & Services team. Fiesta Restaurant Group received Mergers & Acquisitions’ 2024 Deal of the Year for its take-private acquisition by Authentic Restaurant Brands, and Hissho Sushi received Franchise Times’ 2023 Dealmakers of the Year award for its sale to Brentwood Associates.
Blackstone, the world’s largest alternative asset manager, bought Tropical Smoothie Café, a national fast-casual restaurant brand, in June 2024. Built on a mission to Inspire Better®, a commitment that starts with better-for-you food and smoothies and extends to inspiring better in the communities it serves, the company has more than 1,400 locations in 44 states. Tropical Smoothie Café’s previous owner was Levine Leichtman Capital Partners, a middle-market private equity firm with a 40-year track record of investing across various targeted sectors.