Philadelphia Firefighter Sells Rita's Water Ice Franchise

May 4, 2005
Family-owned McKnight Capital Partners of Pittsburgh bought Rita's Water Ice Franchise Corp. yesterday from Bob Tumolo, who founded the company in 1984 to supplement his income as a Philadelphia firefighter.

Pittsburgh has ordered a supersize helping of Philadelphia's favorite water ice.

Family-owned McKnight Capital Partners of Pittsburgh bought Rita's Water Ice Franchise Corp. yesterday from Bob Tumolo, who founded the company in 1984 to supplement his income as a Philadelphia firefighter.

The sale price was not disclosed.

"It was at the right time. I've been doing this for 21 years," said Tumolo, 54, who owned 70 percent of the Bensalem company. His brother John owned the other 30 percent.

Rita's is the area's best-known retailer of water ice, a summertime treat nearly as identifiable with Philadelphia as cheesesteaks and soft pretzels. It has 319 outlets in 11 states, including 110 in this region.

McKnight has a background in franchising, having previously owned 47 Wendy's restaurants in the Pittsburgh area. "We are very confident in this group that's taking over the company," Tumolo said.

Jim Rudolph, a principal in McKnight who became Rita's chief executive officer yesterday, said he thought Rita's had a great future. "We are looking for much bigger growth," he said. "We have the capital and the expertise to take it to the next level."

Rudolph said Rita's headquarters, where about 40 work, would remain in Bensalem.

Distributed by the Associated Press

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