BlackArch Partners Advises on the Merger of Cain Food Industries and Millbio NA (Apheon)
BlackArch Partners is pleased to announce that Cain Food Industries, Inc. and its management team have partnered with Millbio NA, a portfolio company of Apheon.
Charlotte, NC (September 16, 2025) – BlackArch Partners (“BlackArch”) is pleased to announce that Cain Food Industries, Inc. (“Cain” or the “Company”) and its management team have partnered with Millbio NA, a portfolio company of Apheon.
Cain, headquartered in Dallas, TX, is a leading provider of clean-label technical ingredients to the grain-based food industry. Established in 1971, the Company’s comprehensive technical ingredient portfolio includes natural mold inhibitors, dough conditioners, strengtheners & oxidizers, softeners and mix reducers. Cain’s deep baking expertise and commitment to R&D and innovation enable a high-value-add solutions orientation and allows the Company to create bespoke, customized formulations and products for its blue-chip customer base. Cain’s products are used in diverse applications such as breads & buns, English muffins, tortillas & flatbreads, cakes, pizzas, etc. The Company’s merger with Millbio NA creates a worldwide leader in fermentation, providing seamlessly integrated global R&D, manufacturing and logistics capabilities to meet the advanced natural preservation needs of industrial bakeries and food manufacturers.
BlackArch was retained by Cain and management to serve as the Company’s exclusive financial advisor. The transaction builds upon BlackArch’s significant momentum in the B2B food & beverage sector and is a further example of the firm’s ability to drive successful outcomes for owner-operated businesses and management teams pioneering innovative products.
Tom McCurry, Partner and Chief Executive Officer of Cain, noted, “BlackArch’s deep ingredients sector expertise and understanding of our business led to the optimal positioning of our Company to the market. We also relied heavily on BlackArch’s thoughtful guidance as M&A experts as we navigated key decision points in the process, particularly as a business without previous institutional backing. The BlackArch team was a truly dedicated partner to us throughout the process. The senior-level attention, rigorous process management, attention to detail and around-the-clock support by all members of their team were critical to Cain having a successful outcome.”
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. For further information, please visit cainfood.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 further information, please visit millbio.us.
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 further information, please visit apheon.com.
About BlackArch Partners
BlackArch is a leading middle-market investment bank offering a full spectrum of advisory services to financial sponsors, private companies and diversified corporations. BlackArch addresses the needs of companies with specialized services that include M&A advisory, strategic advisory and private capital solutions. Headquartered in Charlotte, NC, BlackArch features a total of 10 industry-focused groups that cover all sectors of interest to middle-market investors; BlackArch professionals have closed more than 500 transactions in 16 countries on four continents. For further information, please visit blackarchpartners.com.
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