Apheon, a pan-European private equity investor, is pleased to announce the landmark acquisition of Cain Foods (“Cain”) and the creation of a global champion in clean-label bakery solutions through the combination with Millbio, its portfolio company.
Millbio, a leading player in functional clean-label bakery ingredients, and Cain, a U.S.–based value-added manufacturer of clean label ingredients for industrial bakeries with a focus on natural preservation systems, today announce the creation of a fully vertically integrated global platform in natural bakery solutions, best positioned to capitalize on the strong underlying market’s growth driven by sustained consumer demand and stricter industry requirements for clean label ingredients.
The combined group will have operations spanning the Americas, Europe and Asia, representing a highly synergistic match between Millbio’s fermentation know-how and R&D expertise and Cain’s manufacturing, R&D and logistics capabilities, which are primarily located in the Americas. As a combined platform, the group will have a strengthened position as the preferred supplier to industrial bakeries that seek clean-label solutions on a global scale.
Cain’s shareholders, including top management and founding family members, will reinvest significantly alongside Apheon and Millbio’s team, ensuring strategic continuity and growth alignment. Apheon will retain control and continue supporting the group’s international development.
Alessandro Boggiani, Founder of Millbio, commented, “This partnership marks a key step forward in our mission to become a global leader in natural, clean-label bakery solutions. By combining Millbio’s fermentation and technical know-how with Cain’s reach and client intimacy in the Americas, we can now offer a truly integrated value proposition — from raw material to finished formulation and distribution — broadening our market access and customer proximity.”
Tom McCurry, CEO and shareholder of Cain Foods, added, “We are thrilled to join forces with Millbio and Apheon. The alignment across our values, product philosophies, and commitment to technical excellence is strong. Together, we will be able to serve customers more effectively and uniquely position ourselves in the market as a fully integrated global partner for clean-label baking solutions”.
Riccardo Collini, Partner at Apheon, commented: “We are excited to open a new chapter in Millbio’s growth journey. Since our initial investment, we have worked closely with Alessandro and his team to expand Millbio’s international footprint and accelerate innovation. This strategic combination with Cain, that will double the size of our company, represents a natural next step, and we look forward to supporting the Group as it scales globally and continues to lead in clean-label innovation”.
About Millbio
Founded in 1991 and headquartered in Italy, Millbio develops natural functional ingredients for the food industry, with special focus on bakery. Its products — including natural mold inhibitors, sourdough, enzyme-based improvers, botanical extracts and healthy innovative solutions — help industrial bakeries improve shelf life, texture, flavor and nutritional profile with simplified ingredient lists. Millbio operates fermentation, production, blending and R&D facilities in Italy and China, serving customers across Europe, Asia Pacific and Americas. For more information, visit www.millbio.com.
About Cain Foods
Established in 1971 in Dallas, Texas, Cain Foods is a value-added manufacturer of clean label ingredients and custom mixes to commercial bakeries across the Americas. Its portfolio includes natural mold inhibitors, dough conditioners, shelf-life extenders and custom ingredient systems. Supported by an in-house innovation center, Cain Foods focuses on label-friendly formulations and technical assistance to replace artificial additives. For more information, visit www.cainfoods.com.
About Apheon
Apheon is a pan‑European mid‑market private equity firm managing more than €3 billion in assets from select global institutional investors and families. Known for a “patient and friendly capital” approach, Apheon partners with entrepreneurs and management teams, offering industrial expertise to prepare companies for future growth. Through its European presence, the firm serves as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €3.5 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 21 companies across its target sectors, representing ~€3 billion sales and more than 20,000 employees. Apheon is advised by Apheon Advisors which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, visit www.apheon.com.
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Apheon
John Mansvelt, COO, Apheon
jm@apheon.com
T: +32 2 213 60 90
Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +32 2 213 60 90
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