Panzani and Cerealis Join Forces to Create a Major European Food Group

Major Merger in the European Food Sector

In a significant development in the European food industry, Panzani Group and Cerealis have commenced exclusive negotiations to merge their operations. This strategic alliance aims to establish an independent and diversified European food group, with a projected valuation of approximately €1.8 billion and anticipated annual sales of €1 billion. This proposed merger not only signifies a formidable integration of two established manufacturers but also emphasizes the collective strength achievable through collaboration.

The merger is supported by the founding families of Cerealis, along with the investment groups Sofina and CVC Capital Partners. The combined entity is expected to employ about 1,800 people, creating a significant player in the European food sector with solid foundations for future growth.

Panzani, headquartered in Lyon, specializes in products such as pasta, couscous, and sauces, having reported €620 million in sales for 2025. In contrast, Cerealis, based in Porto, focuses on pasta, breakfast cereals, cereal bars, and biscuits, achieving sales of €400 million in the same year. The way forward presents exciting avenues for growth by leveraging the strengths of both companies.

By integrating their complementary product portfolios and geographic reach, Panzani and Cerealis plan to enhance their market presence across Europe. This merger provides a unique opportunity to introduce well-established brands into new markets, ultimately aiming to bolster their product offerings beyond existing categories.

Pedro Moreira da Silva, Executive Vice Chairman of Cerealis, expressed enthusiasm for the partnership, stating, "The main driving force behind this transaction is the opportunity to build on highly complementary product ranges, technologies, and expertise. Panzani and Cerealis share the same business culture and long-term commitment to their brands and markets, with a shared ambition to grow. This will enhance our innovative capacity and create new opportunities for development within both organizations."

Although the merger captures the essence of consolidation in the food sector, both Panzani and Cerealis will maintain a decentralized operational model. This approach will safeguard the operational autonomy and industrial independence of both companies. Panzani will continue to operate as a French company under the leadership of its current CEO Albert Mathieu, whose responsibilities will extend to oversee the Central European operations of the merged group. Concurrently, Cerealis will retain its identity as a Portuguese company, managed by its existing CEO Paula Meireles, who will spearhead private label initiatives on the Iberian and international markets.

As articulated by Albert Mathieu, this merger represents a new chapter for Panzani, resulting in an independent pan-European player that is more diversified, stronger, and resilient, while retaining its French roots and commitments to its agricultural partners. This project allows for a significant growth trajectory for both teams and their partners, ensuring a stable and profound foundation for development.

After the merger's completion, the combined group will benefit from a stable European shareholder base. This diverse foundation will integrate current shareholders of Cerealis (the Moreira Da Silva and Silva Domingues families, along with Sofina) and grant minority stakes to CVC Capital Partners in the merged entity. All four shareholders will have representation on the board, fostering the long-term development of the group and ensuring continuous investment in its operations.

Harold Boël, CEO of Sofina, highlighted the importance of the merger, stating, "We are pleased to deepen our relationship with Cerealis by providing additional capital to facilitate this transformational union with Panzani, thus creating a significant European food group. Supporting multi-generational family businesses and their long-term growth ambitions lies at the core of Sofina's mission."

The proposed transaction remains subject to consultations with relevant employee representatives and the acquisition of requisite regulatory approvals. This merger has the potential to reshape the European food sector, paving the way for exciting advancements and innovations in product offerings fueled by shared values and collective resilience across borders.