#None #Panzani #Cerealis #European Food Group

Panzani and Cerealis Join Forces to Form a Leading European Food Group

In a significant move for the European food industry, Panzani Group and Cerealis have initiated exclusive negotiations to merge, paving the way for the creation of an independent and diversified food group. With this strategic partnership, the newly formed entity is expected to generate an impressive €1 billion in consolidated annual revenue. The potential merger, backed by the founding families of Cerealis, Sofina, and CVC Capital Partners, aims to leverage the strengths of both companies to establish a robust foothold in the European market.

The combined company would realize an enterprise value estimated at approximately €1.8 billion and employ around 1,800 individuals across various regions. This partnership is set to build on the complementary strengths of both organizations, making the most of their geographical reach and product offerings.

Company Profiles
The proposed group represents a unique fusion of two well-established food manufacturers with a strong industrial heritage. Panzani, headquartered in Lyon, boasts a revenue of €620 million for 2025 and is well-known for its pasta, couscous, and sauce products, particularly in France and Central Europe. In contrast, Cerealis, based in Porto, achieved revenues of €400 million in 2025 with its expansive product line that includes pasta, breakfast cereals, bakery items, and biscuits, covering markets in Portugal, Spain, the Czech Republic, and Poland.

Merger Objectives
The merger is poised to unveil new avenues for growth, allowing Panzani and Cerealis to create innovative product lines that transcend their existing categories. The collaborative effort aims not only to enhance their market offerings but also to enable the introduction of established brands into new regions across Europe, thus widening their customer base. This initiative will be supported by ongoing investments in industrial assets, brand activation, and innovation, fortifying the European food supply chain's resilience.

Pedro Moreira da Silva, Executive Vice-Chairman of Cerealis, emphasized the merger's potential by stating, "The primary motivation behind this agreement is the chance to build on our complementary product ranges, technologies, and expertise. Panzani and Cerealis share an entrepreneurial spirit, a long-term commitment to their brands, and a common ambition for growth that will fuel our combined innovation capacity and create new growth prospects for both entities."

Future Operating Structure
The two companies will maintain a decentralized operating strategy, ensuring that their individual operational and industrial approaches remain autonomous. Panzani will continue to operate as a French entity led by CEO Albert Mathieu, while Cerealis will retain its identity as a Portuguese company under CEO Paula Meireles. The collaborative leadership will be maintained with Pedro Moreira da Silva overseeing the combined group's overarching strategies that encompass both businesses.

Albert Mathieu described this merger as a new chapter for Panzani, stating, "By joining forces with Cerealis, we would establish a pan-European entity that is more diversified, resilient, and equipped for future growth while holding true to our identity and commitment to our agricultural partners. This merger is a growth initiative for our teams and stakeholders."

The future of this proposed merger lies in the confirmation of employee consultations and obtaining necessary regulatory approvals, but should it go ahead, it presents an exciting opportunity for the European food sector.

About Cerealis
Cerealis, headquartered in Porto, is a dynamic player in the European dry grocery market, operating across multiple countries with a focus on pasta, breakfast cereals, and biscuits. The company recorded revenues of €400 million in 2025, employing around 900 people across its operations.

About Panzani
Panzani is a well-recognized name in the European dry grocery sector, significantly contributing to markets in France, the Netherlands, and Central Europe, primarily through its pasta and sauce products. With revenues of €620 million in 2025, Panzani also employs a workforce of 900 individuals. The company is backed by CVC Capital Partners, ensuring a robust framework for its operational strategies.