Panzani, a French group focused on the production of dry pasta, semolina, couscous, and sauce, and Cerealis, a Portuguese company dedicated to the production of pasta, breakfast cereals, flours, and cookies, have initiated formal discussions to integrate their activities and establish an independent and diversified European food group.
The operation has the support of the founding families of Cerealis, as well as investors Sofina and CVC Capital Partners. The new company resulting from this transaction would reach a value close to 1.8 billion euros, with consolidated annual revenues of around 1 billion euros and an approximate workforce of 1,800 employees.
The purpose of both companies is to create a reference food group on a European scale, with a solid foundation to drive their medium and long-term expansion, leveraging the combination of their product catalogs and industrial expertise.
Panzani recorded net revenues of 620 million euros in 2025 and has a consolidated presence in France, the Netherlands, and several Central European countries. For its part, Cerealis invoiced 400 million euros and operates in Portugal, Spain, the Czech Republic, and Poland.
Thanks to the complementarity of their ranges, the merger would allow for the expansion of their portfolio beyond the current categories and open new business opportunities for their products in other European markets. The development plan would be supported by sustained investment in industrial assets, brand promotion, and innovation projects.
After the integration, the companies would continue to operate under a decentralized model that ensures the operational and industrial autonomy of both Panzani and Cerealis. Both would retain their current CEOs and respective headquarters, while Pedro Moreira da Silva, executive vice president of Cerealis, would take over as the general director of the resulting group.
The proposed operation remains subject to the information and consultation processes with the corresponding worker representation bodies, as well as to obtaining the necessary regulatory approvals.
"The main driver of this operation is the opportunity to leverage highly complementary ranges of products, technologies, and knowledge. Panzani and Cerealis share the same entrepreneurial culture, a long-term commitment to their brands and markets, and a common ambition for growth. This will strengthen our capacity for innovation and create new growth opportunities for both companies," highlighted Pedro Moreira, candidate to lead the combined group and executive vice president of Cerealis.
"This project would mark a new chapter for Panzani. By joining forces with Cerealis, we would create an independent pan-European player, more diversified, strong, and resilient, while preserving what defines our identity: our French roots, our operations, our brands, and our commitment to our agricultural partners producing durum wheat. It is a growth project for both our teams and our partners," declared the CEO of Panzani, Albert Mathieu.