Panzani and Cerealis Enter Exclusive Talks to Form Major European Food Group
Food manufacturers Panzani and Cerealis have begun exclusive negotiations for a merger, aiming to create a European food group valued at approximately €1.8 billion with annual revenues around €1 billion.
French food company Panzani and Portuguese counterpart Cerealis have initiated exclusive negotiations to merge, creating a significant European food player. The combined entity is expected to be valued at approximately €1.8 billion and generate annual consolidated revenues of around €1 billion, employing 1,800 people.
The proposed transaction would unite two established food producers with complementary geographical footprints and product portfolios. Panzani, based in Lyon, achieved €620 million in revenue in 2025, with a presence in France, the Netherlands, and Central Europe, specializing in pasta, couscous, and sauces. Cerealis, headquartered in Porto, reported €400 million in revenue for 2025, operating in Portugal, Spain, and the Czech Republic with offerings including pasta, breakfast cereals, cereal bars, and biscuits.
The merger aims to leverage the strengths of both companies to foster new growth opportunities. Their complementary product ranges are intended to broaden offerings, while their geographical presence could facilitate the introduction of established brands into new European markets. The strategy includes ongoing investment in manufacturing assets, brands, and innovation to enhance the group's offerings and contribute to the resilience of the European food supply chain.
Both Panzani and Cerealis will maintain decentralized operational models, preserving their industrial autonomy. Panzani will remain a French company based in Lyon, led by CEO Albert Mathieu, who will also oversee Central European operations. Cerealis will continue as a Portuguese entity in Porto, with CEO Paula Meireles managing Iberian and international private label businesses. Pedro Moreira da Silva will provide overall leadership for the combined group and its cross-company initiatives. The ownership structure will involve Cerealis' founding families, Sofina, and CVC Capital Partners.