bannerFranchise News 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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