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Finance

Panzani, Cerealis in talks to create €1.8 billion European food group

Published by Global Banking & Finance Review

Posted on October 16, 2026

2 min read

· Last updated: October 16, 2026

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Panzani and Cerealis to Merge, Creating a €1.8 Billion European Food Group

Major European Food Sector Merger Announced

MILAN, Oct 16 (Reuters) - French pasta maker Panzani and Portugal's Cerealis are in exclusive talks to combine their operations in a deal valuing the merged business at about €1.8 billion ($2.03 billion), they said on Friday.

The proposed deal reflects a broader push for consolidation in Europe's food sector as manufacturers seek greater scale to cope with rising costs, strengthen their bargaining power with retailers and expand across regional markets.

Key Details of the Merger

Financial Overview

• The deal would create a European food group with about €1 billion in annual revenue and nearly 1,800 employees, the companies said

• Panzani, which is controlled by private equity firm CVC, generated €620 million of revenue in 2025. Cerealis, controlled by its founding families and Belgian investment company Sofina, reported revenue of €400 million

Operational Structure

• Panzani and Cerealis would remain headquartered in Lyon and Porto respectively and retain operational autonomy

Ownership and Leadership

• The merged group would be owned by Cerealis' existing shareholders, including the Moreira da Silva and Silva Domingues families and Sofina, alongside CVC Capital Partners, which would keep a minority stake

• Cerealis' Executive Vice Chairman Pedro Moreira da Silva would lead the combined group, while Panzani CEO Albert Mathieu would oversee Panzani and its Central European operations. Cerealis CEO Paula Meireles would manage its Iberian and international private-label business

Additional Information

($1 = 0.8887 euros)

(Reporting by Elvira Pollina; Editing by Jan Harvey)

Key Takeaways

  • The merger would form a European food group with ~€1 billion in annual revenues and ~1,800 employees, strengthening bargaining power amid rising costs.
  • Panzani, controlled by private equity firm CVC, generated ~€620 million in revenue in 2025, while Cerealis, backed by founding families and Sofina, reported ~€400 million.
  • Post‑deal, Cerealis’ shareholders and CVC would co‑own the group; leadership roles include Pedro Moreira da Silva as head, along with separate regional heads from both companies.

Frequently Asked Questions

What is the value of the planned merger between Panzani and Cerealis?
The merger is valued at about €1.8 billion ($2.03 billion).
What is the expected annual revenue of the merged Panzani-Cerealis group?
The combined group would have about €1 billion in annual revenue.
Who will lead the newly merged European food group?
Cerealis' Executive Vice Chairman Pedro Moreira da Silva will lead the combined group.
Will Panzani and Cerealis retain their existing headquarters?
Yes, Panzani will remain in Lyon and Cerealis in Porto, maintaining operational autonomy.
Who are the major shareholders of the merged group?
Cerealis' founding families, Sofina, and CVC Capital Partners will be shareholders.

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