Argosy Private Equity in Wayne is indulging in the future prospects of Rita’s Italian Ice, a franchise founded in 1984 by a Philadelphia firefighter and headquartered in Bucks County.

The investment firm just partnered with MTN Capital to acquire enough ownership to control Rita’s Franchise Co., according to a Philadelphia Inquirer report by Joseph DiStefano.

The purchase price was not disclosed, though seller Falconhead Capital bought it for $30 million in 2011. Argosy manages $600 million in assets across its portfolio.

“For years, I’ve been taking my kids to the Collegeville Rita’s after soccer, baseball, and hockey games,” Argosy founding partner Kirk Griswold said. “Not surprisingly, our diligence research discovered a large and loyal, sometimes fanatical, customer base who love Rita’s.”

Griswold, who will become Rita’s chairman of the board, said the franchise was targeted for its growth potential and passionate management. Argosy hopes to expand products and locations beyond the current 600 stores in 30 states and five countries.

Read more about the transaction in the Philadelphia Inquirer here.