Industry Dessert Founder Bob Tumolo Number of locations 600 Type of business Privately held company | Website ritasice.com CEO Jeff Moody (20 Aug 2013–) Acquisition date 2005 | |
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Key people Kirk Griswold,
Chairman
Jeff Moody,
President & CEO Products Water Ice
Frozen Custard Parent Argosy Private Equity
MTN Capital Founded 7 May 1984, Bensalem, Pennsylvania, United States Headquarters Trevose, Pennsylvania, Bensalem Township, Pennsylvania, United States Profiles | ||
Frankie visits the new rita s italian ice on march lane in stockton
Rita's Italian Ice is a restaurant chain, based in Trevose, Pennsylvania, which sells mainly water ice, frozen custard, and specialty creations.
Contents
History
Rita's was founded in May 1984 by former Philadelphia firefighter Bob Tumolo with a recipe that he purchased from an elderly neighbor that he then adjusted to enhance the flavors and include real fruit. Rita's originally advertised its product as "water ice", using the colloquial term for what is sometimes called "Italian ice" in other areas of the country. By 1987 a second store was opened, and in 1989 the family decided to franchise their business. Today, there are over 600 locations in 25 states and the District of Columbia. In May 2005, the company was sold to McKnight Capital Partners, a private equity group with extensive franchise experience. McKnight Capital Partners recognized the organization’s growth potential and set into place plans to take the company to the next level.
In April 2007, Rita's moved its Bensalem headquarters to the Trevose section of Bensalem Township.
In 2011, Falconhead Capital purchased a controlling interest in the company from an investment group led by Jim Rudolph. Falconhead named their operating partner Thomas Christopoul as the new chairman and interim chief executive.
In 2013, Rita's opened its first location outside of the United States in Shenzhen, China.
Rita's has traditionally given out a free regular-sized water ice on the first day of Spring.
In January 2017, Argosy Private Equity and MTN Capital acquired controlling stake in Rita's from Falconhead Capital.
Products
Partnerships
In March 2010, Rita's Italian Ice announced that it would partner with Bethlehem-based Just Born, Inc. to introduce a seasonal Peeps Brand Marshmallow Candy flavored ice.
The partnership between Rita's and Peeps would provide new flavor combinations, such as "Peeps Chocolate Covered Gelati", "Peeps Chocolate Covered Misto" and "Peeps Pie Blendini". The Peeps flavor was discontinued in 2011.
Rita's partnered with Cadbury in July 2009 to introduce its Swedish Fish Italian ice flavor. On June 29, 2012, Rita's partnered with Cadbury again to release its Sour Patch Kids Red water ice flavor.
Other companies involved in Rita's water ice flavors:
Alex's Lemonade Stand Foundation, "Alex's Lemonade" water ice.
Nabisco, "Oreo Cookies and Cream" cream ice and "Mint Oreo®" cream ice.