#Portugal #Panzani #Cerealis #Food Group #Oporto

Panzani and Cerealis Team Up for a Significant Merger in the Food Industry

In a strategic move that aims to reshape the European food landscape, Panzani Group and Cerealis have entered into exclusive negotiations regarding a merger of their operations. This ambitious partnership is expected to yield an independent and diversified food group, boasting an impressive enterprise value of around €1.8 billion. Together, they plan to generate approximately €1 billion in annual consolidated revenues and create jobs for nearly 1,800 employees across Europe.

Background and Company Profiles

Both Panzani and Cerealis have established themselves as key players in the food sector, each with their distinctive product portfolios and geographical reach.

• - Panzani, based in Lyon, France, generated €620 million in revenue in 2025. The company is renowned for its high-quality pasta, couscous, and sauces and has a solid market presence in France, the Netherlands, and Central Europe.
• - Cerealis, headquartered in Oporto, Portugal, achieved revenues of €400 million in 2025. Its operations span Portugal, Spain, the Czech Republic, and Poland, with offerings that include pasta, breakfast cereals, cereal bars, and biscuits.

The merger is anticipated to leverage the strengths of both companies, diversifying product offerings while capitalizing on complementary market segments. With both companies operating under a decentralized model, each will maintain its operational autonomy following the merger.

Goals and Strategic Benefits

The primary objective behind merging these two industry giants is to harness their respective strengths and create new growth opportunities. By consolidating their resources, the new entity aims to expand its product line beyond current categories and successfully introduce established brands into other European markets. This integrated approach is crucial for the ongoing investment in industrial assets, branding, and innovation, essential for bolstering the food supply chain within Europe.

Peter Moreira da Silva, Executive Vice President of Cerealis, articulated the vision for this merger, stating that the union of their product lines, technologies, and expertise will drive innovation and development. He emphasized the shared business culture and long-term commitment to growth that both companies uphold.

Leadership and Company Structure

Under the proposed merger, Panzani will continue to operate as a French company led by its current CEO, Albert Mathieu. His leadership will extend to oversee the combined operations across Central Europe. Conversely, Cerealis will remain based in Portugal, led by its CEO, Paula Meireles, who will manage the business operations for distributor brands on the Iberian Peninsula and internationally. Pedro Moreira da Silva, currently the Executive VP at Cerealis, is set to become the general manager of the newly merged group, ensuring the successful integration of both companies.

Albert Mathieu expressed optimism about the merger, viewing it as a new chapter for Panzani. He believes that joining forces with Cerealis will create a stronger, more diverse, and resilient pan-European player while maintaining the essence of their French roots and commitment to their agricultural partners supplying durum wheat.

Future Directions

Post-merger, the new entity will benefit from a stable, long-term European shareholder base, integrating current Cerealis shareholders, including the Moreira Da Silva and Silva Domingues families, alongside Sofina and CVC Capital Partners. They will play an integral role in steering the strategic direction of the entity, supporting comprehensive growth and continued investment in its operations.

Cerealis and Panzani's merger poses exciting prospects for the food sector, positioning itself to better respond to market demands while driving sustainable practices. As the companies navigate regulatory approvals and engage with employee representative bodies, the path forward seems promising.

Conclusion

This merger not only signifies a pivotal moment for both companies but also reinforces their commitment to fostering resilience in Europe’s food supply chain. The collaboration is expected to set new standards in the industry and enhance the overall customer experience, paving the way for a successful future.

About Cerealis: Cerealis is a diversified European company specializing in dry food products, with operations across Portugal, Spain, and Central Europe. It focuses on segments such as pasta, breakfast cereals, and biscuits, employing around 900 individuals.

About Panzani: As a European player in dry food products, Panzani is dedicated to delivering high-quality pasta and sauces, generating €620 million in revenue in 2025. The company operates mainly in France and employs a workforce of 900.