Private equity firm Falconhead Capital, LLC acquired a controlling stake in Rita’s Water Ice Franchise Company, LLC, a regional frozen treat concept based in Trevose, Pennsylvania, from an investment group led by Jim Rudolph.
The amount of the transaction remained undisclosed.
Following the investment, Jim Rudolph has retained a minority stake and has been named Vice Chairman. Thomas Christopoul, an Operating Partner at Falconhead, has been named Chairman and interim CEO of Rita’s. According to a written statement, a search is underway for a full time Chief Executive Officer.
Founded in 1984 by Bob Tumolo, alongside his mother Elizabeth and brother John, Rita’s is a large Italian Ice concept offering a variety of frozen. It currently operates in 18 states with approximately 550 stores.