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Panzani Group and Cerealis have entered into exclusive negotiations to combine their businesses, with the proposed transaction set to create an independent European food group with approximately €1 billion in annual revenues.
The combination would bring together the two established dry grocery manufacturers, which are backed by Cerealis’ founding families, Sofina and CVC Capital Partners. The proposed combined business would have an enterprise value of approximately €1.8 billion and employ nearly 1,800 people.
Headquartered in Lyon, France, Panzani generated €620 million in revenue in 2025 and operates across France, the Netherlands and Central Europe. Its portfolio focuses primarily on pasta, couscous and sauces.
Cerealis, headquartered in Porto, Portugal, generated €400 million in revenue in 2025 and operates in Portugal, Spain, the Czech Republic and Poland. Its portfolio spans pasta, breakfast cereals, cereal bars, biscuits and flour.
The proposed combination is intended to bring together complementary product portfolios, geographical footprints and manufacturing capabilities.
According to the companies, the enlarged group would be able to expand its product offering beyond its existing categories while using the businesses’ respective market positions to introduce established brands into additional European markets.
The group would also continue investing in manufacturing assets, brands and innovation, with the companies saying this would support future growth and contribute to the resilience of Europe’s food supply chain.
Pedro Moreira da Silva, executive vice-chairman of Cerealis, said the transaction would build on the companies’ “highly complementary product ranges, technologies and expertise”.
“Panzani and Cerealis share the same entrepreneurial culture, a long-term commitment to their brands and markets, and a common ambition for growth,” he added.
Under the proposed structure, Panzani and Cerealis would retain their existing operating autonomy through a decentralised model.
Panzani would remain a French company headquartered in Lyon, with its current CEO Albert Mathieu continuing to lead the business. His responsibilities would also expand to cover the combined group’s Central European operations.
Cerealis would remain headquartered in Porto and continue to be led by CEO Paula Meireles, who would oversee the Iberian and international private-label business.
Moreira da Silva would provide overall leadership for the combined group, overseeing initiatives spanning both businesses.
Mathieu said the proposed deal would create a “more diversified, stronger and more resilient” pan-European food business while preserving Panzani’s French roots, operations, brands and relationships with its agricultural durum wheat partners.
Following completion, the combined group would have a European shareholder base comprising Cerealis’ existing shareholders – the Moreira Da Silva and Silva Domingues families and Sofina – alongside CVC Capital Partners, which would retain a minority stake.
All four shareholders would be represented on the group’s board of directors.
Sofina CEO Harold Boël said the investment would support the combination and create “a major European food group”, adding that backing multigenerational family-owned businesses and their long-term growth ambitions was central to the investment firm’s strategy.
The proposed transaction remains subject to information and consultation procedures with relevant employee representative bodies, as well as the receipt of required regulatory approvals.
