Private equity firm Apheon has orchestrated the acquisition of Dallas-based Cain Foods by its portfolio company Millbio, creating what the firms describe as a vertically integrated platform spanning three continents in the clean-label bakery ingredients sector.

The transaction brings together Millbio's fermentation capabilities and research facilities in Italy and China with Cain's manufacturing base and distribution network across the Americas. Founded in 1991, Millbio specialises in natural functional ingredients including mold inhibitors, sourdough cultures, enzyme-based improvers and botanical extracts. Cain Foods, established in 1971, manufactures clean-label ingredients and custom mixes for commercial bakeries, with particular expertise in natural preservation systems.

Technical Capabilities and Geographic Reach

The combined entity will operate fermentation, production and R&D facilities across Italy, China and the United States. Millbio's technical expertise lies in fermentation processes and ingredient development, whilst Cain brings established relationships with industrial bakeries across North and South America, along with an in-house innovation centre focused on replacing artificial additives.

The acquisition addresses the industrial baking sector's shift towards clean-label formulations driven by consumer demand and regulatory requirements. Both companies have developed solutions to extend shelf life and improve texture whilst maintaining simplified ingredient lists - a technical challenge that has become increasingly important for large-scale bakery operations.

Financial Structure and Management

Cain's shareholders, including management and founding family members, are reinvesting alongside Apheon in the combined business. Tom McCurry will continue as CEO of the Cain operations, whilst Alessandro Boggiani remains as Millbio's founder. Apheon retains controlling interest and will support international expansion.

The transaction doubles Millbio's size, though specific financial details were not disclosed. Apheon, which manages over €3 billion in assets, has completed approximately 200 add-on acquisitions since 2005, suggesting this forms part of a broader consolidation strategy in the food ingredients sector.

Market Position

The combined group positions itself to serve industrial bakeries requiring consistent clean-label solutions across multiple markets. With operations now spanning Europe, Asia and the Americas, the entity can offer localised technical support whilst maintaining standardised product development capabilities.

For industrial bakers, this consolidation represents another step in the ongoing restructuring of the ingredients supply chain, as smaller specialist manufacturers combine to offer broader technical capabilities and geographic reach. The focus on natural preservation and shelf-life extension technologies reflects the sector's ongoing challenge to maintain product quality whilst meeting clean-label requirements.