Alvia Asset Partners has completed a majority stake investment in Australia’s largest ice cream cone producer, Altimate Foods Pty Ltd (Altimate), in partnership with the founding Rizzo family. The acquisition further reinforces Alvia’s disciplined focus on high-quality opportunities within a private capital sector in Australia worth $200bn.
Founded in 1993 by three brothers Joe, Pat and Michael Rizzo, alongside their father Frank, Altimate has grown to become Australia’s premier supplier of ice cream cones and related products. Altimate’s products are sold in over 3,600 locations across a diversified customer base ranging from large supermarket and quick service restaurant majors, through to single site independent ice creameries.
Altimate Managing Director and Founder Joe Rizzo said “we are delighted to welcome Alvia Private Capital as a fellow shareholder at this exciting time for Altimate. The business and our customers see significant growth as we continue to provide an ‘affordable indulgence’ for consumers with our premium, yet accessible products. Alvia are ideally placed to assist the business, and our staff, to grow in line with our strong customer demand.”
David Browne, Partner at Alvia Private Capital said, “Our investment in Altimate marks a significant milestone for Alvia Private Capital, and our increasing focus on this space. Altimate typifies much of our investment strategy as a business with: fantastic market position; high quality and great value products; and a first class management and founder team. We take a long-term partnership approach with our private market companies, working closely alongside management to drive sustainable growth and value creation for our fellow shareholders and Alvia’s investors.”
Alvia’s acquisition is reinforced by the sound growth of the ice cream market. In Australia, the industry has more than doubled in value since 2012, now exceeding $1.5 billion. Notably, indulgent products have surged by 41% in the past year reflecting consumers’ growing appetite for affordable indulgence. As demand for comfort, nostalgia, and small luxuries continues to rise, ice cream cones remain a key beneficiary of this enduring trend.
Nathan Robertson, Alvia CEO, said, “Alvia achieve true alignment by personally investing alongside our clients in every opportunity. This ensures our own success is intrinsically tied to the outcomes we deliver for clients, fostering a culture of accountability, capital preservation and long-term value creation. Our investment in Altimate exemplifies our disciplined, long-term investment philosophy, where we focus on businesses with strong fundamentals and resilient profitability.”