Alvia scoops up majority stake in ice cream cone maker

Alvia Asset Partners has acquired a majority stake in Altimate Foods, Australia's largest ice cream cone manufacturer, in partnership with the company's founding Rizzo family.

According to Alvia, Australia's ice cream market has more than doubled in value since 2012, now exceeding $1.5 billion.

The family office also reported a 41% increase in "indulgent products" over the past year.

The firm said that the demand for comfort, nostalgia, and small luxuries continues to rise, and that ice cream cones remain a key beneficiary of this enduring trend.

Alvia Private Capital partner David Browne said the investment in Altimate marks a "significant milestone" for Alvia Private Capital, and its increased focus in the space.

The private capital sector in Australia is estimated to be worth $200 billion.

Browne said Altimate typifies much of its investment strategy as a business with strong 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..."

Alvia chief executive Nathan Robertson said the firm achieves true alignment by personally investing alongside its clients in every opportunity.

Robertson said this ensures the firm's own success is intrinsically tied to the outcomes it delivers for clients, adding that this fosters 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," he said.

Altimate was founded in 1993 by three brothers Joe, Pat and Michael Rizzo, alongside their father Frank. Its products are sold in over 3600 locations, including Woolworths, Coles, Aldi, QSR chains, and independent ice-creameries.

Altimate managing director and founder Joe Rizzo said the business anticipates significant growth as it continues to provide an "affordable indulgence" for consumers.

Rizzo said Alvia is ideally placed to assist the business and its team in scaling to meet strong customer demand.