Brussels-based investor Apheon is raising a new private equity fund valued at nearly 1 billion euros. The firm is currently attracting commitments from investors, and according to Belgian media reports, the final size of the fund could even surpass the 1 billion euros mark. This would make it the largest private equity fund ever established in Belgium.
With the addition of this sixth fund, Apheon will have raised more than 4.53 billion euros since its founding in 2005. The firm invests in Belgian and European companies and also operates a branch in the Netherlands.
Apheon has recently made headlines with a landmark international deal in the food industry. The firm acquired U.S.-based Cain Foods and combined it with Millbio, an Italian portfolio company, to create a global leader in clean-label bakery solutions.
The new group brings together Millbio’s expertise in fermentation and R&D with Cain’s strong manufacturing and logistics base in the Americas, establishing a fully integrated platform with operations across Europe, Asia, and the Americas.
Through this transaction, Apheon has significantly expanded its footprint in the natural food ingredients sector, doubling Millbio’s size and strengthening its position as a preferred supplier to industrial bakeries worldwide. Cain’s shareholders, including members of the founding family, will reinvest alongside Apheon and Millbio’s management, ensuring continuity as the group scales globally in response to growing demand for natural and label-friendly food solutions.
