Apheon Acquires Cain Food Industries and Merges It with Millbio

March 9, 2025

Luxembourg-based private equity firm Apheon has acquired Dallas-based Cain Food Industries and merged it with its portfolio company Millbio (Milan) to create a global clean-label bakery ingredients group. The combined business will operate in North America as Cain Food Industries Inc., with Cain's CEO Tom McCurry leading regional operations; financial terms were not disclosed.

Buyers
Apheon, Millbio NA
Targets
Cain Food Industries Inc.
Sellers
Cain Food shareholders (including top management and founding family members)
Platforms
Millbio NA
Industry
Food & Beverage
Location
Texas, United States
Transaction Type
Addon

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