Spring Capital Partners III, L.P. (www.springcap.com) invested $5.5 million of subordinated debt with a warrant in Rita’s Franchise Company (“Rita’s” or “the Company”), a portfolio company of Falconhead Capital, LLC. The proceeds were used to refinance existing debt and to fund Rita’s growth plans over the next 5 years. Spring Capital made its investment in conjunction with senior financing provided by SunTrust Bank, Inc.
About Rita’s Franchise Company
Ranked #1 in Nation’s Restaurant News “Consumer Pick’s 2014” for Service and Value in the Frozen Treat category and 14th overall in the Limited-Service category, Rita’s Franchise Company is the largest Italian Ice concept in the world with more than 600 stores in the U.S. The company is aggressively expanding internationally with an operating location in the Philippines, and stores planned for Canada and the Middle East. Rita’s, headquartered in Trevose, Pa., was also named one of the Top 25 Franchise High Performers by the Wall Street Journal’s “Startup Journal” and ranks #81 on Entrepreneur Magazine’s “2014 Franchise 500” list.