Rita’s (informally known as “Rita’s Water Ice”) was founded in May 1984 by former Philadelphia firefighter Bob Tumolo with a recipe that he purchased from an elderly neighbor that he then adjusted to enhance the flavors and include real fruit. Today, there are over 600 locations in 30 states and the District of Columbia that serve 45000 people daily. In May 2005, the company was sold to McKnight Capital Partners, a private equity group with extensive franchise experience. McKnight Capital Partners recognized the organization’s growth potential and set into place plans to expand the company.
