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Private equity firm Maple Park Capital Partners has acquired a majority stake in Rita’s Italian Ice & Frozen Custard. Terms of the deal were not disclosed.
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Pennsylvania-based Rita’s Italian Ice & Frozen Custard was founded in 1984 and has grown to more than 575 shops around the world. In a statement, chief executive officer Linda Chadwick said the Italian ice concept is eager to partner with Maple Park given its experience in scaling businesses.
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“This investment marks an exciting milestone in Rita’s journey and positions us well for continued strong growth and expansion with our franchise partners,” she said.
Alexander Blankfein, co-founder and managing partner at Maple Park, said his company will provide growth capital and operational resources to support Rita’s continued expansion. In 2023, Rita’s year-over-year sales grew by 9%, to $182.2 million, while its footprint grew by 4.2%, to 547 locations, according to Technomic data.
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During a recent interview, Chadwick said several pieces have been put into place to support further growth, including technology and menu innovation investments.
“There is a lot of white space we can cover in the U.S., and we’re excited about that. But we’re going to grow smart,” she said.
“Rita’s is an iconic brand with a distinct portfolio of high-quality desserts and treats and an impressive 40-year history,” Maple Park co-founder and managing partner Andrew 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.”
Contact Alicia Kelso at [email protected]