Panzani and Cerealis Form a Major New European Food Group

Panzani Group and Cerealis have initiated exclusive negotiations to merge, aiming to establish an independent, diversified European food group. Supported by their founding families and investors like Sofina and CVC Capital Partners, this merger is projected to create an enterprise worth around €1.8 billion with consolidated annual revenues nearing €1 billion. The merger also signifies job security for nearly 1,800 employees across Europe, positioning the new entity as a pivotal player in the food industry.

Panzani, a well-established company headquartered in Lyon, France, generated €620 million in revenue for 2025. Its influence extends throughout France, the Netherlands, and Central Europe, specializing in pasta, couscous, and sauces. On the other hand, Cerealis, based in Porto, Portugal, reported €400 million in revenue in the same time frame, with a market presence in Portugal, Spain, the Czech Republic, and Poland, offering a variety of products including pasta, breakfast cereals, and biscuits.

The merger is a strategic move aimed at leveraging their complementary strengths, geographical footprints, and product portfolios, with an emphasis on innovation and growth potential. The desire is to build a coalition that retains the unique identity of both companies while enhancing their market reach and operational capabilities. "Our goal is to harness these synergies to explore new business avenues and expand our offerings into additional European markets," said Pedro Moreira da Silva, Executive Vice-Chairman of Cerealis.

Despite the merger, both companies intend to maintain their operational independence. Panzani will continue to be led by Chief Executive Officer Albert Mathieu in Lyon, who will also oversee Central European operations. Cerealis will be under the guidance of CEO Paula Meireles, focusing on the Iberian and International private label segments. The combined group will be jointly guided by Pedro Moreira da Silva, ensuring that growth strategies are effectively implemented across both companies.

Albert Mathieu’s vision for the future of Panzani emphasizes stability and growth, stating, "By aligning with Cerealis, we are poised to establish a more robust and resilient entity in the European food market, grounded in our legacy, values, and commitment to quality partnerships with agricultural producers."

As part of the initiative, the new group will benefit from a long-term ownership structure, with existing stakeholders represented on the Board of Directors, which includes a harmonious blend of family-run businesses and institutional investors like CVC Capital Partners who will hold a minority stake. This governance structure aims to foster sustainable growth and progressive investment strategies for the evolving food business landscape.

While this transaction is promising, it will require thorough consultations with employee representatives and regulatory approvals before finalization. Both parties are excited about the potential to reshape the European food sector by building a group that highlights cultural diversity, culinary expertise, and consumer trust, framing a new chapter in their operational history.