Alvia Asset Partners has taken a majority stake in Australia’s largest ice cream cone producer, Altimate Foods, investing alongside the company’s founders, the Rizzo family.
Three brothers Joe, Pat and Michael Rizzo, and their father Frank, founded the company in 1993. It is now Australia’s leading supplier of ice cream cones and related products. Its products are sold in more than 3600 locations from large supermarket and quick service restaurant majors to single site independent ice creameries.
Altimate co-founder and managing director, Joe Rizzo, said it was an exciting time for the company.
“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,” Rizzo said.
Alvia said its investment decision was reinforced by growth in the ice cream market, which has doubled in value since 2012 to exceed $1.5 billion, and the indulgence category surging 41 per cent in the past year.
“As demand for comfort, nostalgia, and small luxuries continues to rise, ice cream cones remain a key beneficiary of this enduring trend,” it said.
Alvia Private Capital partner, David Browne, said the investment was a “significant milestone” for the firm.
“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,” Browne said.
