| Type | Private (subsidiary of McKnight Capital Partners) |
|---|---|
| Industry | Fast food |
| Founded | 1984 |
| Founder(s) | Bob Tumolo |
| Headquarters | Trevose, Pennsylvania, United States |
| Number of locations | 500 (2007) |
| Key people | Jim Rudolph Chairman and CEO |
| Products | Rita's Water Ice |
| Parent | McKnight Capital Partners |
| Website | ritasice.com |
Rita's Water Ice is an East Coast regional chain based in Trevose, Pennsylvania in Bensalem Township, selling mainly Italian ice, frozen custard, and gelati (not traditional Gelati, see below), as well as its specialty creations.[1]
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Rita's was founded in 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. By 1987 a second store was opened, and in 1989 the family decided to franchise their business. Today, there are over 500 locations in 20 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.[2][3] McKnight Capital Partners recognized the organization’s growth potential and set into place plans to take the company to the next level.[1]
In April 2007, Rita's moved its Bensalem headquarters to the Trevose section of Bensalem Township.[4]
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.[5]
Rita's has traditionally given out a free regular-sized Italian ice on the first day of Spring.[6]
In March 2010, Rita's Water Ice announced it would partner with Bethlehem-based Just Born, Inc. to introduce a seasonal Peeps Brand Marshmallow Candy flavored ice.[14]
The partnership between Rita's and Peeps will provide new flavor combinations, such as "Peeps Chocolate Covered Gelati", "Peeps Chocolate Covered Misto" and "Peeps Pie Blendini".[14]
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