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Falconhead Capital has acquired a controlling stake in Rita’s Water Ice Franchise Co., a company based in Trevose, Penn. Financial terms of the transaction were not disclosed. Formed in 1984, Rita’s Water Ice is a regional Italian ice company.

Private equity group CVC is making a mark on its auction of Orange Switzerland by holding talks with one of the bidders about a possible merger with the Swiss telecom firm's rival Sunrise, Reuters wrote Friday, citing the Financial Times. CVC had held preliminary discussions with Providence Equity Partners over a possible merger if Providence wins the sales process for France Telecom's Swiss mobile operations, Reuters wrote.

After failing to win enough support to take over the Clorox Co. board, billionaire investor Carl Icahn has nearly halved his stake in household products maker, Reuters reported. His stake in the company fell to 4.99% as of Dec. 1, a regulatory filing showed on Thursday. He had a stake of 8.17% as of Nov. 2.

MergerTech Advisors has launched a new $50 million venture fund focused on investment and development of healthcare IT product and services firms. The fund, MergerTech Capital, will invest in companies that enable personalized medicine through the use of technology. The firm is based in San Ramon, Calif.

Oilfield services company Reservoir Group, which is backed by Houston-based private equity firm SCF Partners, has acquired Mudlogging Services Inc. Mudlogging is a Colorado-based developer and supplier of the MLogger series of gas detection systems. Terms of the deal were not released. The deal is Reservoir Group’s sixth acquisition this year.

Vestar, a privately held real estate company, is planning a $250 million retail investment fund, Vestar Strategic Retail Partners, the company announced Thursday. Vestar Strategic Retail Partners will acquire value-add retail properties ranging from $20 million to $100 million in the West and Southwest regions of the United States. The fund is expected to close by mid-2012.

Lone Star has agreed to cut the price of its 4.4 trillion won ($3.9 billion) stake sale in Korea Exchange Bank to Hana Financial Group Inc. by about 11%, Reuters reported Thursday. Lone Star bought into KEB in 2003 and has seen two failed sales attempts -- first to Kookmin Bank for $7.6 billion in 2006 and to HSBC Holdings Plc for $6.3 billion in 2008, Reuters wrote.

Revolution Growth, which is led by former America Online executives Steve Case, Ted Leonsis and Donn Davis, has closed its new fund with $450 million in commitments. The Hillman Company is among the fund’s 24 limited partners, according to a written release from Revolution.

Advent International has taken a “significant majority” stake in Morrison Supply Company, a distributor of plumbing and HVAC supplies. Advent operating partner Chip Hornsby will join the company as chief executive officer. Scott Sangalli, Morrison’s former chief executive, will continue as an investor in the company. Terms of the acquisition were not released.

Kirkland & Ellis International acted as an advisor to Gilde Buy Out Partners on the acquisition of Eismann AG, the firm announced Wednesday. Mettmann, Germany-based Eismann is a direct seller for frozen food in Europe. Terms of the deal were not released. Gilde Buy Out Partners operates across the Netherlands, Belgium, Germany, Switzerland and France.