Rita's Italian Ice Company Sold To Private Equity Groups, Report Says
BENSALEM, Pa. (CBS) -- A popular Philadelphia-area Italian ice company has been sold.
The Bucks County Courier Times reports Rita's Franchise Co. has been sold to Argosy Private Equity of Wayne, Pennsylvania, and MTN Capital of New York City. They acquired the controlling stake in Rita's from Falconhead Capital.
"Being Philly-based, we know firsthand the love that guests have for Rita's," Kirk Griswold, the new chairman of Rita's board of directors, told the Courier Times in a statement. "Falconhead and the executive leadership team have done a tremendous job growing this once regional brand nationally, and even internationally. We're looking forward to working with Rita's management team and devoted franchise partners to continue the company's growth and extend its guest loyalty and unique brand equity to each and every store, systemwide."
According to the Courier Times, Rita's has been sold before. In 2005, founder Bob Tumolo sold a controlling stake to an investor group, and then they sold their interest in 2011 to Falconhead.
Rita's, which was founded 30 years ago in Bensalem, has over 600 locations in 30 states and four countries.