Panzani and Cerealis Join Forces to Form Major European Food Group

The Merger of Panzani and Cerealis: A New Era in the European Food Industry

On October 18, 2026, Panzani Group and Cerealis confirmed that their shareholders have begun exclusive negotiations to merge, aiming to establish a robust independent European food group. This strategic alliance is anticipated to yield a consolidated annual revenue of around €1 billion and create a new powerhouse in the food sector, significantly enriching the offerings available across Europe.

Financial Implications and Market Position

The proposed merger is backed by key stakeholders including the founding families of Cerealis, Sofina, and CVC Capital Partners, potentially valuing the combined entity at an impressive €1.8 billion. With nearly 1,800 employees, the new group is set to include operations spread across several countries, ensuring a diverse market presence.

Panzani, headquartered in Lyon, France, reported revenues of €620 million in 2025, predominantly through its operations in France, the Netherlands, and Central Europe with a focus on pasta, couscous, and sauces. Cerealis, based in Porto, Portugal, followed closely, generating €400 million in revenue by providing pasta, breakfast cereals, granola bars, and biscuits across Portugal, Spain, the Czech Republic, and Poland. This merger capitalizes on complementary geographical reach and product offerings, granting significant access to various consumer segments in Europe.

Strategic Growth Opportunities

The collaboration is expected to unlock numerous growth opportunities. By leveraging each company's strengths, the merger will facilitate the expansion of product lines beyond their current offerings. The combined geographical presence enables the leveraging of well-known brands in untapped markets, thus propelling the new entity towards greater market penetration.

As highlighted by Pedro Moreira da Silva, Executive Vice Chairman of Cerealis, the merger focuses on harnessing complementary product ranges and technological expertise to enhance operational efficiency. The intrinsic entrepreneurial spirit shared by Panzani and Cerealis, along with their commitment to innovation, sets a promising stage for future growth in the food sector.

Operational Structure and Leadership

Following the merger, both companies plan to uphold a decentralized operational model, allowing for the preservation of autonomy within their operations. Panzani will remain a French company based in Lyon, continuing to be led by its current CEO, Albert Mathieu, who will also oversee operations in Central Europe. Meanwhile, Cerealis will retain its identity as a Portuguese entity located in Porto, led by Paula Meireles, managing the dynamics of private label business in Iberia and internationally.

In a shared vision for leadership, Pedro Moreira da Silva will provide overarching management for the merged entity, ensuring cohesion in directional strategy across both businesses.

A Commitment to Growth and Community

Albert Mathieu proudly stated that this merger represents a significant evolution for Panzani, as it aligns with their vision of a diversified, strong, and resilient European company. The commitment to cultural integrity will remain at the forefront, solidifying a foundation of partnership with agricultural stakeholders in the durum wheat sector upon which the brands are built.

Sofina, a supporter of multi-generational family businesses, has expressed enthusiasm about deepening its relationship with Cerealis, ensuring that the foundational ideals of sustained investment towards growth are not simply maintained but enhanced. The integration of these two companies not only underscores their shared commitment to innovation but also highlights their dedication to developing a transformative future for European food production.

Conclusion: Looking Forward

As the merger process progresses, stakeholders will be consulted, ensuring that all regulatory requirements and employee representative consultations are duly fulfilled. This ambitious move signals a new chapter for both Panzani and Cerealis—a commitment to enhanced product offerings, market expansion, and ultimately, a more diversified and resilient European food group.

Through this collaboration, a fortified commitment to quality and sustainability within the food supply chain in Europe will be more critical than ever—positioning the newly formed group at the helm of innovation and growth in the food industry.