Atlanta-based BIP Opportunities Fund LP has invested about $10 million to acquire a controlling interest in Tropical Smoothie Café, a 315-unit food and smoothie franchise.

Mike Rotondo has been promoted to CEO. Rotondo has led the Tropical Smoothie Café brand for the past four years as chief operating officer.

“Our expansion plans will be to increase franchise sales by driving franchisee economics,” said Scott Pressly, BIP partner and Tropical Smoothie Café chairman.