Rita’s acquired by private-equity groups

January 3, 2017

Argosy Private Equity and MTN Capital Partners LLC have acquired a controlling stake in Trevose, Penn.-based Italian ice chain Rita’s Franchise Co. from Falconhead Capital, the firms said Tuesday.

Terms of the deal were not disclosed.

Jeff Moody will remain as Rita’s president and CEO, and Kirk Griswold, Argosy’s founding partner, will become Rita’s chairman.

“Being Philly based, we know firsthand the love that guests have for Rita’s,” Griswold said in a statement. “Falconhead and the executive leadership team have done a tremendous job growing this once regional brand nationally, and even internationally.”

Former Philadelphia firefighter Bob Tumolo founded Rita’s