Maple Park Capital Partners is providing the Italian Ice chain with growth capital and operational resources
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.
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.
“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.
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]
