Argosy Invests in Rita’s Franchise Company
On December 30, 2016, Argosy acquired a controlling ownership interest in Rita’s Franchise Company. Argosy partnered with MTN Capital, a private equity firm based in New York City which has partnered with Argosy on two previous investments.
Founded in 1984 by Bob Tumolo, a former Philadelphia firefighter, and headquartered in Trevose, PA, Rita’s is a nationally recognized brand of frozen treat stores. Since its founding, the Company has grown substantially and now features a franchise system of over 600 units across the U.S. and internationally. Rita’s provides its franchisees with proprietary products and recipes, research and development support, real estate development services, a dedicated advertising fund, and various other operations and administrative support services.
Rita’s recently received the following performance rankings: #2 outlet in the Top Ice Cream/Custard category by Zagat one of the Top 25 Franchise High Performers by the Wall Street Journal’s “Startup Journal”, #33 in Nation’s Restaurant News “Consumer Picks 2016” Limited Service category, and #94 in Entrepreneur Magazine’s “2016 Franchise 500”.
Rita’s maintains a loyal customer base and the brand is well-known for superior product quality and a unique consumer experience. In partnership with the management team, Argosy plans to apply best practices to enhance the customer experience and grow system sales through new products and new locations across the U.S. and internationally.