The MillBio Group of Trecate, Novara, owned by the Boggiani family, produces natural ingredients for industrial bread (such as fermented flours and enzymes to keep packaged bread fresh and soft) and sells worldwide. Through the private equity fund Apheon (formerly Ergon Capital), which holds 70% of its shares, MillBio has acquired 100% of Cain Foods in Dallas. The result is a company with revenues of about $130 million. The acquired business belonged to the Cain family, who will reinvest in the new group along with its management team, including CEO Tom McCurry. “We operate in the industrial bread market, which in Italy is a small segment since artisanal bread prevails here,” explains Alessandro Boggiani, a shareholder with about 10% and co-CEO. “We opened to Apheon in 2020 because we were looking for a financial partner to expand. With them we already completed two acquisitions in China. Now this deal in Dallas will give us a production base in the United States, a market one cannot miss. The entry of a private equity fund provides capital for growth and supports acquisitions.”