Panzani and Cerealis enter exclusive negotiations to form €1.8 billion food group

French pasta manufacturer Panzani and Portuguese food group Cerealis have entered exclusive negotiations to merge their operations, aiming to create an independent, diversified European food group. The transaction values the potential new entity at approximately €1.8 billion.

The combined company is expected to generate annual revenues of roughly €1 billion and employ nearly 1,800 people. The merger seeks to leverage complementary product portfolios and geographical footprints. Panzani, controlled by CVC Capital Partners, specializes in pasta, couscous, and sauces with a presence in France, the Netherlands, and Central Europe. Cerealis, controlled by founding families and the Belgian investment firm Sofina, produces pasta, flour, breakfast cereals, and biscuits, with operations in Portugal, Spain, the Czech Republic, and Poland.

Under the proposed structure, the companies intend to maintain operational and industrial autonomy. Panzani will remain headquartered in Lyon, France, while Cerealis will continue to be managed from Porto, Portugal. Pedro Moreira da Silva, currently vice-president of Cerealis, is slated to lead the new group. CVC Capital Partners is expected to retain a minority stake in the combined entity.