Bensalem staple Rita’s Italian Ice & Frozen Custard has received a majority investment from Maple Park Capital Partners, a newly formed Dallas firm, to fuel its continued growth, writes Emma Dooling for the Philadelphia Business Journal.
The financial terms of the deal were not disclosed.
In the four decades since being founded, Rita’s has become the world’s largest Italian ice chain with over 575 locations across 30 states, including dozens in Greater Philadelphia.
Each year, from March through September, the company offers a rotating selection of Italian Ice from over 80 flavors, along with custard, gelati, milkshakes, frozen lemonades, and concretes.
Maple Park was recently co-founded by managing partners Alexander Blankfein and Andrew Lauck, who most recently worked at RedBird Capital Partners and have experience at Bain & Co. and Goldman Sachs.
Lauck called Rita’s an iconic brand and highlighted plans to collaborate with CEO Linda Chadwick and her team on the company’s next growth chapter.
“This investment marks an exciting milestone in Rita’s journey and positions us well for continued strong growth and expansion with our franchise partners,” said Chadwick.
Read more about Rita’s Italian Ice & Frozen Custard and its new investment in the Philadelphia Business Journal.
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