Falconhead Capital buys Rita's Water Ice Franchise
Dec. 7, 2011
NEW YORK — Falconhead Capital, L.L.C. has acquired a controlling stake in Rita’s Water Ice Franchise Co., L.L.C., a regional frozen treat concept based in Trevose, Pa.
Rita’s was owned by an investment group led by Jim Rudolph, and he will retain a minority stake and has been named vice-chairman. Thomas Christopoul, an operating partner at Flaconhead, has been named chairman and interim chief executive officer for Rita’s.
“We are delighted to acquire Rita’s, one of the largest frozen treat concepts in the country with considerable growth potential,” said David S. Moross, chairman and chief executive officer of Falconhead Capital. “Jim Rudolph and his team have done a great job scaling the business since acquiring it in 2005. We look forward to partnering with Rita’s loyal and dedicated franchisees as we work to build the value of this emerging brand.”
Rita’s has 550 franchise locations in 18 states and makes Italian Ice, which is a sweetened frozen dessert made with fruit or other natural or artificial food flavorings, similar to sorbet.