The shareholders of Panzani, the Lyon-based pasta and sauces maker controlled by CVC Capital Partners, and Cerealis, the Porto-based food group backed by Sofina, have entered exclusive negotiations to combine the two businesses, the companies said on 16 October. The combined group would have an enterprise value of about €1.8bn.
Why Cerealis (Moreira da Silva and Silva Domingues families, Sofina) is buying Panzani (CVC Capital Partners)
The companies said the deal would create an independent, diversified European food group with complementary product ranges. Panzani makes pasta, couscous and sauces for France, the Netherlands and Central Europe, while Cerealis produces pasta, breakfast cereals, cereal bars, biscuits and flour in Portugal, Spain, the Czech Republic and Poland. Both businesses would keep their operational and industrial autonomy under a decentralised model.
Deal terms and financing
The enlarged group would generate about €1bn in annual revenue, based on 2025 revenue of €620m at Panzani and €400m at Cerealis, and employ nearly 1,800 people. Cerealis' existing shareholders, the Moreira da Silva and Silva Domingues families and Sofina, would own the group together with CVC, which would retain a minority stake; all four would sit on the board. Sofina is providing additional capital to Cerealis to enable the combination. Pedro Moreira da Silva, executive vice-chairman of Cerealis, would lead the group, Panzani chief executive Albert Mathieu would remain in his role with added responsibility for Central Europe, and Cerealis chief executive Paula Meireles would run the Iberian and international private-label business.
Regulatory approvals and timing
The project is subject to information and consultation of employee representative bodies and to the required regulatory approvals. No timetable was given.
Market context
Panzani stays headquartered in Lyon and Cerealis in Porto. Reuters, reporting the talks, said the deal reflects wider consolidation among European food manufacturers seeking scale to offset rising costs and strengthen their bargaining power with retailers. Bloomberg had reported that CVC was nearing a €1.8bn merger of the two companies.
