FOR IMMEDIATE RELEASE

Millbio and Cain Foods Unite Under Apheon to Deliver Next-Gen Clean-Label Solutions for Global Food Industry

Milano, Italy/Dallas, U.S., August 9, 2025 — Apheon proudly announces the merger of Cain Foods and Millbio NA, creating a world-class partner for industrial bakeries and food manufacturers seeking advanced clean-label solutions. This strategic union combines deep expertise in fermentation, formulation, and natural preservation, offering customers a fully integrated supply chain from innovation and manufacturing through technical support and logistics.

The merger establishes a global leader in clean-label ingredients, providing an expanded product range that includes sourdough starters, natural mold inhibitors, enzyme-based improvers, softening systems, and botanical shelf-life extenders. With R&D centers in Europe, Asia, and the Americas, customers gain access to tailored formulation development and application testing. The combined manufacturing and logistics infrastructure across the Americas, Europe, and China ensures reliable, scalable product delivery and consistent quality assurance.

“Having devoted the past three years to nurturing this project and working toward this moment, I have witnessed the immense value and potential that our collaboration can achieve. I am committed to reestablishing the nutritional value of bread as my main task, ensuring our offerings align with the growing demand for healthier food. I am confident that together, we can revolutionize the bakery sector, providing exceptional solutions that align with consumer demands for transparency and quality.
We look forward to embarking on this journey together, committed to transforming the landscape of the bakery industry.” said Alessandro Boggiani, Founder of Millbio.

For nearly 55 years, Cain Foods has delivered trusted technical expertise, evolving from functional tablets to cutting-edge clean-label ingredients. “As we join forces with Millbio, our commitment remains unchanged: to deliver high-performance ingredients backed by reliable service and technical support,” McCurry continued. “Together, we’re even better positioned to serve evolving needs on a global scale—now and into the future.”

Massimiliano Bonzo, Co-CEO of the combined group, stated: “This union under Apheon’s guidance is more than a strategic merger—it’s a commitment to the future of clean-label bakery and food innovation. By integrating our capabilities across continents, we’re creating a new kind of partner: one that combines deep scientific expertise with operational excellence and global reach.”

The merged entity empowers industrial bakeries and food manufacturers with ingredients that meet demands for transparency, sustainability, and nutrition. From raw material innovation to full formulation support, Millbio and Cain Foods deliver a seamless solution for clean-label performance at scale.

Millbio and Cain are excited to showcase our combined product lines, featuring natural preservation, shelf-life extension, and enhanced nutrition ingredients at IBIE in Las Vegas. Visit Millbio at booth 8147 and Cain at booth 1217.

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 mid-market businesses. Since its inception in 2005, Apheon has raised approximately €4 billion, invested in ~40 companies, and completed ~200 add-on acquisitions totaling over €7 billion in transaction value. Its current portfolio includes 20 companies generating approximately €3 billion in revenue and employing more than 20,000 people. Apheon is advised by Apheon Advisors with offices in Brussels, Milan, Madrid, Paris, Munich, and Amsterdam. For more information, visit www.apheon.com.

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 Food Industries, Inc.

Cain Food Industries, Inc., founded in 1971 is a leader in clean-label and technical ingredients for the baking industry, serving the Americas’ commercial markets. With over 50 years of expertise, the company provides enzymes, dough conditioners, preservatives, and custom blends for products such as bread, rolls, tortillas and sweet baked goods. Cain prioritizes innovation, quality, and customer-driven service, supported by an in-house R&D lab, test bakery, and modern tech infrastructure.