iradiophilly Philadelphia's Internet Radio Community

Streaming Radio for Philadelphia
More Music. Fewer Interruptions. Just what you want to hear.

 
FOLLOW: FREE MOBILE APPS:
facebooktwitter Apple AppStore Google Play Store
   
Business
Conversations about businesses, money, and economic issues
  Listen LiveListen Live - New FREE Internet Radio Stations - We Are Philadelphia!  
 
Help Support. Donate.
 
Listen Live Listen Live - New FREE Internet Radio Stations - We Are Philadelphia!
 
 
Advertise With Us
 
 
     

THE POST | News | Sports | Culture | Business | Free Forum

 
The Post  
 
Rita's Water Ice Changes Hands
 
  by: iradiotom - Philadelphia, PA
started: 12/02/11 4:40 am | updated: 12/02/11 4:40 am
 
Rita's Water Ice has been sold, but don't worry about losing your gelati. And there's only 3 months until water ice season starts.

From the Philadelphia Business Journal:

One of Philadelphia's iconic brands changed hands Thursday — from one private equity firm to another.

Rita's Water Ice Franchise Co. was acquired by Falconhead Capital LLC, a New York-based private equity firm.

The water ice chain, which has local headquarters in Trevose, Pa., had been owned by another investor group, led by Jim Rudolph, who had been chairman and CEO. Going forward, Rudolph will retain 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. A search is under way for a permanent CEO.

Financial terms of the transaction were not disclosed.

Rita's was founded in 1984 by Bob Tumolo, a former Philadelphia firefighter. With his mother Elizabeth and brother John, he made and sold Italian ice from a small porch window.

In May 2005, it was sold to Pittsburgh-based McKnight Capital Partners, where Rudolph is a principal.

Today, the brand has 550 franchise locations in 18 states.

Rita's has become a harbinger of warm weather, giving away free water ice on the first day of spring.

The new owners indicated it has more growth potential.

"We are delighted to acquire Rita's, one of the largest frozen treat concepts in the country with considerable growth potential," said David S. Moross, chairman and CEO at Falconhead.

Falconhead's other holdings include Competitor Group Inc., which puts on the Rock 'n' Roll Philadelphia Half Marathon.

 
Listen Live! Everything from Bach to Rock, Philadelphia's Internet Radio Community
Choose from 20+ Internet Radio Stations today.
 
TOP STORIES
Missing 5yo Dulce Maria Alavez in Bridgeton; No Active Shooter Delaware State; 3 Arrests in Trenton - 09/17 9:58 am

$15k Reward in Radnor/Upper Darby Wawa Robberies; Charges in PATCO Hot Car Death; Trenton Laundromat - 09/16 10:11 pm

September 14/15 Playlist - Michael Tearson's ATTIC - Songs of Shel Silverstein - 09/16 7:25 pm

September 14/15 - Playlist - Michael Tearson's Marconi Experiment - Mind Your 'P's - 09/16 6:57 pm

Wildwood Deck Collapses Injure About 20; Child Remains Found in DE; Uber Driver Arrested W.Chester - 09/15 2:29 pm

 
(0) responses
 

THE POST | News | Sports | Culture | Business | Free Forum

 
 

Welcome to iradiophilly! Philadelphia's Internet Radio Community

Welcome! Start listening now for FREE!  The music is always on, so choose a radio station and click to listen. You can find fun Events around Philly and you can list yours on our Events page FREE.  We will also promote cool Philly shows, events and fundraisers on the air FREE. There are also great opportunities to become a sponsor or advertise. iRadioPhilly supports the Philadelphia music and arts scene. If you are a local musician or performer, send us your stuff.  We will play it on our BYO radio station, Philadelphia's Local Stage. We're designing the radio stations and iradiophilly to reflect Philadelphia's music tastes, so we'll want your input. We're glad you're here. Invite your friends.

 
   
   
    FOLLOW: facebook twitter instagram gplus rss rss youtube
HOME | ABOUT | ADVERTISE | CONTACT | EVENTS | PHOTOS | PODCASTS | STATIONS | CONTESTS | SPONSORS | BUSINESSES/ORGs | SCHEDULE | SITEMAP | THE POST   © 2010-19 iradiophilly 501(c)(3)
    Site Design by Bananaland | Built by quadpain media