Tropical Smoothie Cafe Is Said to Plan to Go Public This Year

Tropical Smoothie Cafe LLC, an Atlanta-based restaurant chain, is planning a U.S. initial public offering this year, according to people with knowledge of the matter.

Backed by private equity firm Levine Leichtman Capital Partners, Tropical Smoothie could be valued at at least $1 billion in a listing, the people said, asking not to be identified discussing private information. The company is working with Morgan Stanley and Jefferies Financial Group Inc. on the IPO, the people said.