WAYNE, PA — Argosy Private Equity has completed its exit from Rita’s Franchise Company, LLC, marking the end of a significant chapter in its involvement with the beloved frozen treat brand. Since Argosy’s acquisition in December 2016, the firm has worked closely with Rita’s leadership to drive growth and strengthen the iconic franchise.
Founded in 1984 in Bensalem, PA, by former firefighter Bob Tumolo, Rita’s has grown into one of the leading names in the frozen dessert industry. What began as a small local shop has expanded into a franchise network of around 600 locations across 30 states and international markets. Known for its Italian ice and rich history, Rita’s has earned accolades from Franchise Times, Entrepreneur Magazine, and Zagat, solidifying its place in the hearts of dessert lovers.
During its ownership, Argosy implemented its Value Acceleration Methodology (VAM™) to elevate franchise performance and profitability. Initiatives included refining Rita’s expansion strategy, introducing data-driven decision-making for new store and drive-thru locations, and enhancing franchisee support through upgraded training programs and digital tools. The rollout of a revamped app with mobile ordering features boosted customer engagement, while R&D efforts introduced new menu items like Frozen Coffee and seasonal treats.
“Partnering with the Rita’s leadership team has been an extraordinary experience,” said Kirk Griswold, Founding Partner of Argosy Private Equity. “The implementation of VAM™ initiatives contributed to more than doubling EBITDA during our ownership. It has been a privilege to support this brand’s evolution and leave it well-positioned for continued growth.”
Linda Chadwick, CEO of Rita’s, highlighted Argosy’s contributions to the brand’s success. “Argosy has been a great partner, helping us refine our strategy and align our core fundamentals with business goals. Their expertise and tools have played a key role in growing revenues, improving processes, and enhancing franchisee profitability.”
With Argosy’s support, Rita’s strengthened its reputation as a leader in the frozen dessert space. Under new ownership, the company is primed to continue delighting its loyal customers while expanding its legacy even further.
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