Panzani and Cerealis Negotiate Merger to Form Large European Food Group
French pasta maker Panzani and Portuguese food company Cerealis are in exclusive talks to merge, potentially creating a European food group with approximately €1 billion in annual revenue.
Panzani Group and Cerealis have entered exclusive negotiations to combine their businesses, aiming to establish an independent and diversified European food group. Supported by Cerealis' founding families, Sofina, and CVC Capital Partners, the merged entity could be valued at around €1.8 billion and generate approximately €1 billion in consolidated annual revenue, employing nearly 1,800 people.
The proposed group would unite two established businesses with complementary geographic footprints, product portfolios, and sector expertise. Panzani, headquartered in Lyon, reported €620 million in revenue in 2025 and has a strong presence in France, the Netherlands, and Central Europe, focusing on pasta, couscous, and sauces. Cerealis, based in Porto, generated €400 million in revenue in 2025, operating in Portugal, Spain, the Czech Republic, and Poland, with offerings including pasta, breakfast cereals, cereal bars, and biscuits.
This combination is expected to unlock new growth opportunities by leveraging the companies' respective strengths. Their complementary product portfolios could allow for expansion beyond existing categories, while their geographic reach offers avenues for introducing established brands into additional European markets. The development project will be backed by ongoing investments in industrial assets, brands, and innovation.
The companies plan to maintain a decentralized operating model, preserving operational and industrial autonomy. Panzani's CEO, Albert Mathieu, will continue to lead the French operations and assume broader responsibilities for the combined group's Central European activities. Cerealis' CEO, Paula Meireles, will manage the Portuguese operations and oversee Iberian and international private label businesses. Pedro Moreira da Silva, current Executive Vice Chairman of Cerealis, will provide overall leadership for the merged group.
The proposed transaction is subject to consultation with employee representative bodies and the satisfaction of regulatory approvals. The merged group will benefit from a stable, long-term European shareholder base, including Cerealis' existing shareholders, Sofina, and CVC Capital Partners.