French food producer Panzani Group and Portuguese manufacturer Cerealis have begun exclusive discussions on a potential merger that would establish a European food group generating roughly €1 billion in annual sales.
The proposed deal would value the combined company at approximately €1.8 billion and unite a workforce of almost 1,800 employees operating across multiple European countries.
Based in Lyon, Panzani recorded revenue of €620 million in 2025. Its operations span France, the Netherlands and Central Europe, with a product portfolio focused on pasta, couscous and sauces.
Cerealis, headquartered in Porto, reported €400 million in revenue for the same period. The company operates in Portugal, Spain, the Czech Republic and Poland, manufacturing pasta, breakfast cereals, cereal bars, biscuits and flour.
By combining their distribution platforms, manufacturing assets and product portfolios, the two businesses would be positioned to enter additional European markets. Continued investment is also planned across production facilities, food product innovation and brand growth.
The proposed structure would preserve both companies’ current headquarters, while allowing them to maintain operational independence under a decentralised management model.
Panzani CEO Albert Mathieu would remain in charge of the French business and additionally lead the group’s Central European activities. Cerealis CEO Paula Meireles would be responsible for the Iberian operations and the international private-label business.
Pedro Moreira da Silva, Cerealis’ executive vice-chairman, would become chief executive of the enlarged group and oversee coordination between the two organisations.
The transaction would create a shared investor base comprising Cerealis’ founding families, the Moreira Da Silva and Silva Domingues families, investment firm Sofina and private equity investor CVC Capital Partners.
CVC would remain a minority shareholder, while representatives of all four investor groups would hold seats on the combined company’s board.
Completion of the proposed merger is dependent on employee information and consultation processes, as well as approval from the relevant regulatory authorities.