It’s cold and snowing outside, which seems the perfect day for a Dallas-based investment firm to announce it’s made a majority growth investment in a Pennsylvania-based Italian ice concept.
Maple Park Capital Partners, which specializes in investing in experiential and consumer services businesses, announced its investment in Rita’s Italian Ice & Frozen Custard.
“Rita’s is an iconic brand with a distinct portfolio of high-quality desserts and treats and an impressive 40-year history,” Andrew Lauck, co-founder and managing partner at Maple Park, said in a statement. “We’re excited to partner with Linda and her team as we embark on the next chapter together to scale the business.”
Terms of the investment were not disclosed.
Founded in 1984, Rita’s has grown to become the largest Italian Ice concept in the world with a franchise network spanning more than 575 locations across 30 U.S. states, as well as international markets.
Rita’s Italian Ice & Frozen Custard first opened its doors in Bensalem, Pennsylvania, in 1984. Known for its famous Italian Ice, made daily featuring real fruit, and signature frozen custard, Rita’s said it serves “a taste of happiness with each treat.”
“We’re eager to partner with Maple Park given the firm’s experience in scaling businesses,” Rita’s CEO Linda Chadwick said in a statement. “This investment marks an exciting milestone in Rita’s journey and positions us well for continued strong growth and expansion with our franchise partners.”
Maple Park co-founder and managing partner Alexander Blankfein said his firm is “excited to partner with the Rita’s team to provide growth capital and operational resources to support the company on its continued growth plan.”
More on Maple Park Capital
Maple Park Capital, which is also based in New York City, specializes in investing in service-oriented businesses within the experiential economy. It said it partners with exceptional founders and management teams to accelerate growth and achieve long-term success for its stakeholders by leveraging its extensive industry relationships and proven value creation capabilities.
Its target sectors for investment include location-based entertainment, dining, travel and hospitality, as well as home and out-of-home services.
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