The private equity owner of Tropical Smoothie Cafe is preparing to put the U.S. restaurant chain up for sale for around $2 billion, according to people familiar with the matter.

Buyout firm Levine Leichtman Capital Partners has hired investment bank Robert W. Baird & Co to launch a sale process for Tropical Smoothie Cafe as early as January, the sources said.

A deal could value the company at around 20 times its approximately $100 million 12-month annual earnings before interest, taxes, depreciation and amortization, the sources said.

 

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