Argosy Private Equity and MTN Capital Acquire Rita’s Franchise Company
Firms announce controlling ownership in world’s largest Italian Ice concept
Wayne, PA (RestaurantNews.com) Argosy Private Equity and MTN Capital today announced the acquisition of a controlling stake in Rita’s Franchise Company, LLC based in Trevose, Pennsylvania (“Rita’s”) — the world’s largest Italian Ice concept — from Falconhead Capital. As part of the agreement, 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. Financial terms of the transaction were not disclosed.
Rita’s Italian Ice was founded in 1984 by former Philadelphia firefighter Bob Tumolo, who