Panzani and Cerealis seek merger to create 1,800-worker group

Panzani Group and Cerealis entered exclusive merger negotiations for a combined business valued at about €1.8 billion, Food & Drink International reported on Oct. 20.

For Panzani and Cerealis, the proposed deal would create a European food group with about €1 billion in annual revenue and nearly 1,800 employees, according to the trade-press report.

Panzani, based in Lyon, had €620 million of revenue in 2025. The French company makes pasta, couscous and sauces, with operations in France, the Netherlands and Central Europe.

Cerealis, headquartered in Porto, generated €400 million of revenue in 2025. Its business spans Portugal, Spain, the Czech Republic and Poland, and includes pasta, breakfast cereals, cereal bars, biscuits and flour.

The industrial logic presented in the report is scale across overlapping food categories and adjacent geographies. The companies would combine distribution networks, manufacturing capacity and product ranges while continuing to invest in plants, innovation and brands.

The proposal would not centralise all operations. Both companies would keep their existing headquarters and run under a decentralised management structure, according to Food & Drink International.

Management roles would also be split by geography and business line. Panzani Chief Executive Albert Mathieu would keep charge of the French business and add responsibility for Central Europe, while Cerealis Chief Executive Paula Meireles would oversee Iberia and international private-label operations.

Cerealis executive vice-chairman Pedro Moreira da Silva would lead the combined group overall. The shareholder base would include Cerealis’ founding Moreira Da Silva and Silva Domingues families, investment company Sofina and private-equity firm CVC Capital Partners.

CVC would retain a minority stake, with all four shareholder groups represented on the board, according to the report. The article did not specify ownership percentages, a completion timetable, expected cost savings or the regulators whose approvals would be required.

The deal remains conditional. Food & Drink International said the proposed merger is subject to employee information and consultation procedures, as well as necessary regulatory approvals.

Source: trade-press report, Food & Drink International, Oct. 20, 2026.