Panzani and Cerealis to Merge Into €1 Billion European Food Group

Panzani and Cerealis have entered exclusive negotiations to merge, aiming to create a new European food group with approximately €1 billion in combined annual revenues. The proposed union combines complementary product portfolios and geographic footprints, backed by CVC Capital Partners, Sofina, and Cerealis' founding families.

Raffi Hovsepian

October 18, 2026 · 4 min read

Panzani and Cerealis announced on 16 October 2026 that they have entered exclusive negotiations to merge, creating a European food group with approximately €1 billion in combined annual revenues and an enterprise value of around €1.8 billion. The proposed group would employ nearly 1,800 people and would be backed by Cerealis' founding families, the Belgian holding Sofina and CVC Capital Partners, according to the companies' announcement.

Panzani and Cerealis Merge to Form New €1 Billion European Food Group

The deal, announced from Porto, would bring together two established European food manufacturers with what the companies describe as complementary geographical footprints, product portfolios and industrial expertise. Panzani, headquartered in Lyon, is a European dry grocery player operating in France, the Netherlands and Central Europe, primarily in dry pasta, couscous and sauces. It runs three industrial sites and three semolina mills in France and employs 900 people, generating revenues of €620 million in 2025. The group is controlled by CVC Capital Partners.

Cerealis, the Portuguese partner in the transaction, brings its own industrial base across Portugal, Spain and the Czech Republic. The combined revenue figure of roughly €1 billion implies that Cerealis contributes approximately €380 million on top of Panzani's €620 million, though the companies have not published a standalone Cerealis revenue figure in the announcement. The transaction remains a proposed merger under exclusive negotiation rather than a finalized deal.

Panzani-Cerealis Merger: A Complementary Union

The strategic logic of the merger becomes clear when the two companies' pre-merger profiles are set side by side. Their product ranges overlap only at the edges, and their geographic strongholds barely intersect, which is precisely what executives say makes the combination attractive.

Pre-merger profiles of Panzani and Cerealis
Dimension	Panzani Group	Cerealis
Primary geography	France, the Netherlands and Central Europe	Portugal, Spain and the Czech Republic
Key product categories	Dry pasta, couscous and sauces	Pasta, breakfast cereals, cereal bars, biscuits and flour
Primary financial backer (pre-merger)	CVC Capital Partners (controlling shareholder)	Founding families Moreira Da Silva and Silva Domingues, together with Sofina

Read together, the two columns show how the pieces fit: Panzani's pasta, couscous and sauces business, anchored in France and Central Europe and backed by a private equity controller, complements Cerealis' broader cereal-based portfolio in Iberia and the Czech Republic, held by founding families and Sofina. The result, if the deal completes, is a pan-European supplier spanning pasta, couscous, sauces, cereals, cereal bars, biscuits and flour, with established brands positioned to enter new European markets through the partner's existing footprint.

Ambitions for Growth and Resilience in the European Market

Executives framed the merger as a growth project rather than a consolidation exercise. "The main driver of this transaction is the opportunity to build on highly complementary product ranges, technologies and expertise," said Pedro Moreira da Silva. "Panzani and Cerealis share the same entrepreneurial culture, a long-term commitment to their brands and markets, and a common ambition for growth. It will strengthen our capacity for innovation and create new growth opportunities for both companies."

Mathieu's statement pointed to the resilience argument at the heart of the deal: "By joining forces with Cerealis, we would build an independent pan-European player that is more diversified, stronger and more resilient, while preserving what defines our identity: our French roots, our operations, our brands and our commitment to our agricultural durum wheat partners. It is a growth project for both our teams and our partners." The diversification claim rests on the combined portfolio across staple categories and the widened geographic reach across France, Iberia, the Netherlands, Central Europe and the Czech Republic.