The Philadelphia Inquirer reported that Falconhead Capital L.L.C., of New York, has bought a controlling interest in Rita's Water Ice Franchise Co. for more than $30 million. The franchise chain has 550 stores in the United States. Rita's which had been concentrated in the Northeast has grown to other parts of the U.S.

According to Falconhead partner Thomas Christopoul, Rita's new chairman and acting CEO, a lack of expansion capital has impeded the growth of Rita's. He intends to provide financial support to help fuel franchisee growth.The new CEO has indicated a desire to expand Rita's to China, Puerto Rico and other markets. Read more