The founders and original owners, Eric and Delora Jenrich and David Walker, came from franchise backgrounds and used that knowledge to grow Tropical Smoothie Cafe.

In 2012, private equity firm Buckhead Investment Partners (BIP) bought a controlling interest in Tropical Smoothie Cafe.

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.

In July 2013, Tropical Smoothie Cafe announced that Beyond Meat would become a permanent fixture on the menu at certain locations.