Private equity firm Maple Park Capital Partners announced Thursday that it bought a majority stake in Rita’s Italian Ice.
Terms of the deal were not disclosed.
Rita’s, with more than 575 locations in 30 states and some international markets, is the largest Italian ice concept in the world. In addition to Italian ice, the concept offers gelatis, concretes, milkshakes, and frozen custard. The Italian ice is made fresh daily and is available among over 75 rotating flavors.
“We are eager to partner with Maple Park given the firm’s experience in scaling businesses,” Rita’s CEO Linda Chadwick said in a statement. “This investment marks an exciting milestone in Rita’s journey and positions us well for continued strong growth and expansion with our franchise partners.”
The chain was founded in 1984 by former Philadelphia firefighter Bob Tumolo, who named the shop after his wife Rita.
Maple Park Capital was launched earlier this year by Alexander Blankfein and Andrew Lauck. It will target investments in location-based entertainment, dining, travel, and hospitality, as well as home and out-of-home services.
“We are excited to partner with the Rita’s team to provide growth capital and operational resources to support the Company on its continued growth plan,” Blankfein said in a statement.
Maple Park Capital purchased Rita’s from Argosy Private Equity, which acquired a controlling stake in 2017 in partnership with MTN Capital.
“Rita’s is an iconic brand with a distinct portfolio of high-quality desserts and treats and an impressive 40-year history,” Lauck said in a statement. “We are excited to partner with Linda and her team as we embark on the next chapter together to scale the business.”
Maple Park Capital is another example of private equity investing in a growing franchise chain. Last year, Blackstone purchased Jersey Mike’s and Tropical Smoothie Cafe and invested in 7 Brew. In December, Reuters reported that Bain Capital is looking to acquire 750-unit Wingstop, Dunkin’, and Jersey Mike’s franchisee Sizzling Platter for more than $1 billion.
