Panzani and Cerealis Unite to Form a Major European Food Group
On October 18, 2026, the shareholders of Panzani and Cerealis announced they have embarked on exclusive negotiations aimed at merging these two experienced players in the European food sector. This strategic union is designed to create an independent and diversified food conglomerate, poised to enhance their competitive position in a rapidly evolving market.
Panzani, based in Lyon, has established a strong foothold in France, the Netherlands, and Central Europe, particularly in the pasta, couscous, and sauce segments. In 2025, the company achieved an impressive revenue of €620 million. On the other hand, Cerealis, headquartered in Porto, specializes in dried pasta as well as breakfast cereals, snack bars, and biscuits, generating a revenue of €400 million in the same year.
The proposed merger would result in a combined company valued at approximately €1.8 billion, employing close to 1,800 individuals across its operations. This consolidation is expected to bring forth substantial growth opportunities by leveraging each company's unique strengths and complementary product portfolios.
According to Pedro Moreira da Silva, the Deputy Chairman of Cerealis, the primary objective of this transaction is to capitalize on the synergies created through their well-matched product offerings, technologies, and expertise. Both companies share a common cultural foundation, a long-term commitment to their respective markets, and an unwavering desire for growth. "This will enhance our innovative capabilities and create new opportunities for both businesses," he stated.
The merger is anticipated to maintain a decentralized operational model, which allows both companies to retain their operational and industrial autonomy. Panzani will continue to operate as a French company, retaining its current chairman Albert Mathieu at the helm, who will now oversee the Central European activities of the merged group. Cerealis will remain a Portuguese entity, still under the leadership of current CEO Paula Meireles, who will manage the Iberian and international private label business.
Albert Mathieu emphasized how this project signals a new era for Panzani, noting that merging with Cerealis would establish a pan-European player that is not only more diversified and resilient but also maintains its core identity and commitment to quality products, emphasizing their French heritage.
Moreover, the newly consolidated group will benefit from a stable, long-term European shareholder structure that merges existing Cerealis stakeholders with CVC Capital Partners, who will hold a minority stake in the newly formed company. This alignment of interests will be critical for the company’s long-term strategy and further investments in its core businesses.
The proposed transaction is subject to consultation with employee representatives and obtaining necessary regulatory approvals, setting the stage for what could be a defining moment in the European food industry.
In summary, this merger presents a promising opportunity for both Panzani and Cerealis, as they aim to collaborate in optimizing their resources and expanding their market reach across Europe, ultimately reinforcing the resilience of the European food supply chain. As they navigate this transition, the focus remains on innovation and responsiveness to consumer needs, ensuring that both brands thrive in an increasingly competitive marketplace.
Panzani, based in Lyon, has established a strong foothold in France, the Netherlands, and Central Europe, particularly in the pasta, couscous, and sauce segments. In 2025, the company achieved an impressive revenue of €620 million. On the other hand, Cerealis, headquartered in Porto, specializes in dried pasta as well as breakfast cereals, snack bars, and biscuits, generating a revenue of €400 million in the same year.
The proposed merger would result in a combined company valued at approximately €1.8 billion, employing close to 1,800 individuals across its operations. This consolidation is expected to bring forth substantial growth opportunities by leveraging each company's unique strengths and complementary product portfolios.
According to Pedro Moreira da Silva, the Deputy Chairman of Cerealis, the primary objective of this transaction is to capitalize on the synergies created through their well-matched product offerings, technologies, and expertise. Both companies share a common cultural foundation, a long-term commitment to their respective markets, and an unwavering desire for growth. "This will enhance our innovative capabilities and create new opportunities for both businesses," he stated.
The merger is anticipated to maintain a decentralized operational model, which allows both companies to retain their operational and industrial autonomy. Panzani will continue to operate as a French company, retaining its current chairman Albert Mathieu at the helm, who will now oversee the Central European activities of the merged group. Cerealis will remain a Portuguese entity, still under the leadership of current CEO Paula Meireles, who will manage the Iberian and international private label business.
Albert Mathieu emphasized how this project signals a new era for Panzani, noting that merging with Cerealis would establish a pan-European player that is not only more diversified and resilient but also maintains its core identity and commitment to quality products, emphasizing their French heritage.
Moreover, the newly consolidated group will benefit from a stable, long-term European shareholder structure that merges existing Cerealis stakeholders with CVC Capital Partners, who will hold a minority stake in the newly formed company. This alignment of interests will be critical for the company’s long-term strategy and further investments in its core businesses.
The proposed transaction is subject to consultation with employee representatives and obtaining necessary regulatory approvals, setting the stage for what could be a defining moment in the European food industry.
In summary, this merger presents a promising opportunity for both Panzani and Cerealis, as they aim to collaborate in optimizing their resources and expanding their market reach across Europe, ultimately reinforcing the resilience of the European food supply chain. As they navigate this transition, the focus remains on innovation and responsiveness to consumer needs, ensuring that both brands thrive in an increasingly competitive marketplace.
Topics Consumer Products & Retail）
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