Maple Park Capital Partners, a newly formed private-equity firm specializing in consumer businesses, has taken a majority stake in the 575-unit Rita’s Italian Ice and Frozen Custard franchise.
Terms of the deal were not disclosed, but the acquisition gives Maple Park the world’s largest Italian ice concept. Rita’s has locations in 30 states and some international markets.
“We are eager to partner with Maple Park given the firm’s experience in scaling businesses,” Rita’s CEO Linda Chadwick said in a statement. She noted that the investment “marks an exciting milestone” for Rita’s and “positions us well for continued strong growth and expansion.”
The Trevose, Pennsylvania-based Rita’s operates a network of Italian ice shops and kiosks. System sales grew 9% in 2023 to $182 million, according to Restaurant Business sister company Technomic.
The company finished 2023 with 547 shops, suggesting it added more locations in 2024 based on figures from Rita’s and Maple Park. Franchisees operate each of the chain’s restaurants, which generated $340,000 in average unit volumes in 2023, according to Technomic.
“Rita’s is an iconic brand with a distinct portfolio of high-quality desserts and treats and an impressive 40-year history,” Andrew Lauck, who co-founded Maple Park along with Alexander Blankfein, said in a statement.
The market for restaurant mergers and acquisitions has been mixed over the past two years. But franchises such as Rita’s have been popular targets for private equity and other investors. Jersey Mike’s, for instance, is being sold to Blackstone for $8 billion. That same firm earlier acquired Tropical Smoothie Café for $2 billion.
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