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RestaurantNews.com: Argosy Private Equity and MTN Capital Acquire Rita’s Franchise Company
Two private equity firms acquire controlling stakes in Rita’s Italian Ice.
On Tuesday, Agrosy Private Equity and MTN Capital announced the acquisition of Italian ice concept Rita’s Franchise Company. Kirk Griswold, Founding Partner at Argosy Private Equity, will join Rita’s board as Chairman and Jeff Moody will remain President and Chief Executive Officer.
“Being Philly based, we know firsthand the love that guests have for Rita’s,” said Griswold. “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.”
Rita’s Italian Ice, founded in 19841 by Bob Tumolo, has more than 600 locations in 30 states and four countries.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
