Panzani Group and Cerealis are in exclusive talks to merge, forming an independent European food company with combined annual revenues of about €1 billion. The deal would create an enterprise valued at roughly €1.8 billion, employing nearly 1,800 people across both firms.
The merger pairs two dry-grocery manufacturers that have overlapping strengths. Panzani, based in Lyon, France, posted €620 million in 2025 revenue and focuses on pasta, couscous, and sauces sold in France, the Netherlands, and Central Europe. The Portuguese firm generated €400 million last year and operates in Portugal, Spain, the Czech Republic, and Poland with products that include breakfast cereals, biscuits, and flour. Together they bring a broad product range to a wide set of markets.
Both companies are backed by long-standing shareholders: the Portuguese company is supported by its founding families and by the investment firms Sofina and CVC Capital Partners. The combined entity aims to broaden its product portfolio and extend market reach while preserving operational independence. Panzani’s chief executive Albert Mathieu will continue to run the existing operations plus Central Europe, while Cerealis’ Paula Meireles will oversee Iberian and private-label businesses. Executive vice-chairman Pedro Moreira da Silva will provide overall leadership for the new group.
The merger will consolidate manufacturing capabilities and brand portfolios, allowing the organization to introduce established products into new European markets. Investment in production facilities, research and development, and supply-chain resilience is planned to support future growth and to improve efficiency across the combined network.
Shareholders in the new group will include the Moreira Da Silva and Silva Domingues families, Sofina, and CVC, which will retain a minority stake. All four investors will have representation on the board, ensuring that each party’s interests are reflected in strategic decisions. Sofina’s chief executive Harold Boël described the transaction as a step toward creating a “major European food group,” emphasizing the firm’s focus on multigenerational, family-owned businesses.
The transaction remains subject to the usual regulatory clearances and ongoing consultations with employee representatives. Completion of the merger would preserve both brands’ identities while forming a larger, diversified food business that spans much of Europe.
