In 2012, private equity firm Buckhead Investment Partners (BIP) bought a controlling interest in Tropical Smoothie Cafe. Founders Eric Jenrich and David Walker, the former owners of Tropical Smoothie Cafe, remained on the board of directors, and former Chief Operating Officer, Mike Rotondo, was promoted to replace Jenrich as Chief Executive Officer in 2012 until his departure in 2018. BIP partner Scott Pressly, who was a financial and strategic adviser to the chain since 2007 served as the chairman until 2020. The brand was acquired by private equity firm Levine Leichtman Capital Partners (LLCP) in September 2020. Charles Watson currently serves as the Chief Executive Officer.