Rita's Italian Ice
|Founded||May 7, 1984|
Number of locations
|Kirk Griswold, |
President & CEO
|Products||Water Ice |
|Parent||Argosy Private Equity |
Rita's (formally called "Rita's Water Ice") 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 30 states and the District of Columbia that serve 45000 people daily. 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 expand the company.
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.
In January 2017, Argosy Private Equity and MTN Capital acquired controlling stake in Rita's from Falconhead Capital.
- Water Ice
- Frozen custard( Chocolate,Vanilla, Twist)
- Gelati, water ice in between frozen custard
- Misto, a drink of liquid custard blended with water ice
- Blendini, a combination of frozen custard and water ice blended with crushed Oreo pieces, Nilla Wafer pieces, pretzel pieces, Heath (candy bar) pieces, Reese's Pieces, Reese's, M&M's Minis, or Wonka Nerds.
- Cream Ice( Mint Chocolate-Chip, Birthday Cake, Cookie Dough, Coconut, S'mores, Blackberry-Cheesecake)
- Slenderita, fat-free soft serve
- Milkshakes (Oreo Cookies&Cream, Oreo Chocolate, Peanut Butter, Strawberry Short-Cake, Chocolate Covered Strawberry, Chocolate Heath, Chocolate/Vanilla/Strawberry)
In 2010, Rita's Italian Ice began a partnership with Just Born to offer a seasonal Peeps Brand Marshmallow Candy flavored ice. The Peeps flavor was discontinued in 2011, but was offered in some stores in spring 2017.
- Hartford, Jamie (September 2009). "Rita's Water Ice Celebrates 25 Years of Success - QSR Magazine". QSR Magazine. Retrieved 2009-09-16.
- "Rita's Celebrates 30th Anniversary with Giveaways, Politicians". Phillymag. 2014-05-07. Retrieved 2016-03-29.
- Philadelphia Business Journal, May 4, 2005
- Pittsburgh Business Times, May 4, 2005
- Rita's Franchise Company (2007-04-13). "Rita's Franchise Company - Press Releases Detail - Rita's Italian Ice Set to Relocate its Cool Support Center". Archived from the original on 2010-01-03. Retrieved 2010-03-11.
- Associated Press, Bloomberg Businessweek, 1 December 2011. "Falconhead Capital acquires Rita's Water Ice". Accessed 7 December 2011.
- Rita's Franchise Company. "Rita's Franchise Company - Events & Promotions - First Day of Spring". Retrieved 2010-03-11.
- Huth, Kelly (2010-03-09). "Rita's Italian Ice to offer Peeps-flavored dessert". PennLive LLC. Retrieved 2010-03-14.