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    Rita’s Water Ice changes hands to New York-based private equity firm

    Most Rita’s franchises are closed for the season, but business is still being done.

    Rita’s Water Ice Franchise Co. is now in the hands of the New York-based Falconhead Captial, the Business Journal reports. The change isn’t a huge one for Rita’s, as it had already been part of another investor group: McKnight Capital Partners.

    McKnight principal Jim Rudolph will be the vice chairman under Falconhead’s oversight of Rita’s. The water ice franchise now has 550 locations in 18 states.

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