Apheon takes majority stake in Millbo Bionaturals Group
Context
Ergon Capital, a mid-market private equity firm, has acquired a majority stake in the Millbo-BioNaturals Group. This deal represents a strategic play within the high-growth natural food ingredients sector, aimed at transforming a family-owned technical leader into a global institutional platform. The strategic rationale for the investment centers on leveraging Ergon’s international network and financial resources to accelerate the group's geographic expansion and to pursue a consolidation strategy in a highly fragmented market. The structure ensures strong management continuity, with the CEO and former controlling shareholder, Alessandro Boggiani, reinvesting in the business to drive the next phase of development. This transaction follows the buyer's existing sector expertise, notably its previous investment in the bakery segment.
Millbo Bionaturals Group, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the AgriFood sector (12.4x in 2020).
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Target
Millbo-BioNaturals is a premier manufacturer of high-quality natural ingredients and innovative clean-label solutions for the global baking and milling industries. Headquartered in Trecate, the group operates a sophisticated industrial platform with a strong commercial presence across Europe, the United States, and the Asia-Pacific region. The company specializes in the research and production of enzymes, natural sourdoughs, and advanced bakery improvers designed to enhance the nutritional profile and shelf-life of food products without the use of chemical additives. Its business model is heavily anchored in R&D and technical innovation, serving a diverse client base ranging from artisanal bakeries to large-scale industrial food producers. By focusing on the "clean label" trend, the firm addresses the increasing consumer demand for healthy, sustainable, and transparent food supplies.
Ent. Value
€100–350M
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
Above 20x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Apheon
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2026 | APHEON | HAGER & MEISINGER | GERMANY | Medical Consumables |
| 07/2026 | APHEON | TEKNIMED | FRANCE | Implants & Prosthetics |
| 07/2026 | APHEON | ALMA | FRANCE | Food Products |
| 11/2024 | APHEON / GROUPE LFPI | HAUDECOEUR | FRANCE | Food Retail |
| 11/2020 | APHEON | VIDACURA | GERMANY | Nursing Homes |
| 06/2019 | APHEON | HAUDECOEUR | FRANCE | Food Retail |
| 04/2016 | APHEON / BPIFRANCE | LOOPING GROUP | FRANCE | Leisure Facilities |
| 05/2015 | APHEON | GOLDEN GOOSE | ITALY | Fashion & Apparel |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2021 | LIFEBRANDS NATURAL FOOD | REVOLUTION TEA | UNITED STATES | Coffee & Tea |
| 02/2021 | LANXESS | EMERALD KALAMA CHEMICAL | UNITED STATES | Ingredients |
| 12/2020 | CRONOS CAPITAL PARTNERS | EVERTON | ITALY | Coffee & Tea |
| 11/2020 | RHONE CAPITAL | ILLYCAFFÈ | ITALY | Beverages |
| 11/2020 | AMSTERDAM COMMODITIES | SUNOPTA - GLOBAL INGREDIENTS BUSINESS | NETHERLANDS | Ingredients |
| 11/2020 | PLATINUM EQUITY | BISCUIT INTERNATIONAL | FRANCE | Food Products |
| 10/2020 | HAUDECOEUR | PALAIS IMPÉRIAL | FRANCE | Coffee & Tea |
| 08/2020 | GLANDIA NUTRITIONALS | FOODAROM | CANADA | Ingredients |
| 06/2020 | ROYAL DSM | ERBER GROUP | AUSTRIA | Petfood |
| 01/2020 | BC PARTNERS | PASTICCERIA BINDI | ITALY | Food Products |
REFERENCES
Valuation range: EV €100–350M
Revenue range: €10–30M
EBITDA range: €0–5M
EV/Revenue range: 2x - 6x
EV/EBITDA range: Above 20x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Millbo Bionaturals Group by Apheon are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: millbo bionaturals group
Acquirer: apheon
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