Panzani and Cerealis’ shareholders have entered exclusive negotiations to combine the French and Portuguese food manufacturers in a proposed group valued at about €1.8 billion, the companies said Oct. 16. The proposed business would have approximately €1 billion in consolidated annual revenue and nearly 1,800 employees; the announcement describes negotiations, not a completed transaction.
Panzani reported revenue of €620 million in 2025, while Cerealis reported €400 million. Panzani, based in Lyon, operates in France, the Netherlands and Central Europe, selling pasta, couscous and sauces. Cerealis is based in Porto and operates in Portugal, Spain, the Czech Republic and Poland, with products including pasta, breakfast cereals, cereal bars and biscuits.
The companies said the businesses would retain a decentralized structure and their operational and industrial autonomy. Albert Mathieu would continue leading Panzani, with responsibilities extending to Central European operations, while Cerealis chief executive Paula Meireles would manage Iberian and international private-label business. Pedro Moreira da Silva, Cerealis’ executive vice-chairman, would lead the combined group.
Cerealis’ founding families, Sofina and CVC Capital Partners would be shareholders under the proposal, with CVC keeping a minority stake. The companies said the plan depends on consultation with relevant employee representatives and required regulatory approvals; they did not announce a timetable.
The European Commission recorded in 2021 that it had received notice of a proposed transaction involving CVC’s acquisition of sole control over Panzani SAS.
