Monroe Capital funds controversial acquisition of Rita's Italian Ice

In a significant business move announced on January 14, 2025, Monroe Capital LLC served as the sole lead arranger and administrative agent for a senior credit facility. This funding is specifically designed to facilitate the acquisition of Rita's Italian Ice & Frozen Custard by Maple Park Capital Partners. Rita's is renowned for its Italian ice and frozen custard offerings and boasts over 575 locations distributed across 30 states, with a strong presence in the mid-Atlantic region, particularly in Pennsylvania, New Jersey, and Maryland. Monroe Capital, headquartered in Chicago, is a distinguished asset management firm that specializes in the private credit market through various strategies, including direct lending and alternative credit solutions. The firm has established a reputation for being a user-friendly partner to business owners, management teams, and capital sponsors. This acquisition aligns with their strategy of providing comprehensive financial support to growing businesses. This transaction is notable as it reflects the ongoing trend within the food and beverage sector for diversifying portfolios and investment in popular brands. Rita’s, known for its refreshing products, continues to attract interest from investors looking to expand in the rapidly growing frozen dessert market. The acquisition enhances Maple Park Capital’s existing portfolio focused on investing in vibrant consumer brands. The support from Monroe Capital highlights the firm’s commitment to fostering business growth through accessible financing solutions. The transaction is expected to offer significant opportunities for both Rita’s and Maple Park Capital, providing a foothold for future expansions and innovations within the dessert industry.