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Private Equity Firms Scoop Up A Controlling Stake in Rita’s Italian Ice

Argosy Private Equity and MTN Capital have acquired a controlling stake in Rita’s Franchise Company LLC, a Pennsylvania-based Italian ice concept. Financial terms of the transaction were not disclosed.

As part of the deal, Kirk Griswold, founding partner at Argosy Private Equity, will join Rita’s board as chairman and Jeff Moody will remain president and CEO.

Rita’s operates more than 600 locations in the U.S. The company’s international network includes locations in the Philippines, Canada and the Middle East.