Falconhead Takes Major Stake In Rita's Water Ice

Law360, New York (December 1, 2011, 6:26 PM EST) -- Falconhead Capital LLC has purchased a controlling stake in frozen custard chain Rita's Water Ice Franchise Co. LLC from former CEO Jim Rudolph for an undisclosed sum, the New York-based private equity firm announced Thursday.

Rudolph, who acquired the company in 2005, will keep a minority stake in Rita's and stay on the board as vice chairman. Falconhead Operating Partner Thomas Christopoul has been named chairman and interim CEO while the Pennsylvania-based company searches for a new CEO, according to a statement.

“Falconhead is an ideal...
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