The proposed group would bring together two established businesses with complementary geographical footprints, product portfolios and industrial expertise. Headquartered in Lyon, Panzani generated €620 million in revenue in 2025 and has an established presence in France, the Netherlands and Central Europe, particularly in pasta, couscous and sauces. Cerealis, headquartered in Porto, generated €400 million in revenue in 2025, with operations in Portugal, Spain, the Czech Republic and Poland, spanning pasta, breakfast cereals, cereal bars and biscuits.

The companies say their combination would create new opportunities for growth by drawing on their respective strengths. Their complementary product portfolios would allow them to develop their offering beyond their existing categories, while their geographical presence would provide opportunities to introduce established brands into additional European markets. The growth project would be supported by continued investment in industrial assets, brands and innovation.

"The main driver of this transaction is the opportunity to build on highly complementary product ranges, technologies and expertise," says Pedro Moreira da Silva, executive vice chairman of Cerealis. "Panzani and Cerealis share the same entrepreneurial culture, a long-term commitment to their brands and markets, and a common ambition for growth. It will strengthen our capacity for innovation and create new growth opportunities for both companies."

Panzani and Cerealis would maintain a decentralized operating model, preserving the operational and industrial autonomy of both businesses. Panzani would remain a French company headquartered in Lyon, under the leadership of its current CEO Albert Mathieu, whose responsibilities would expand to include the combined group's Central European operations. Cerealis would remain a Portuguese company headquartered in Porto, under the leadership of its current CEO Paula Meireles, who will manage the Iberian and International private label business. Pedro Moreira da Silva, current executive vice chairman of Cerealis, would provide overall leadership for the combined group, leading initiatives spanning both businesses.

"This project would mark a new chapter for Panzani," Mathieu says. "By joining forces with Cerealis, we would build an independent pan-European player that is more diversified, stronger and more resilient, while preserving what defines our identity: our French roots, our operations, our brands and our commitment to our agricultural durum wheat partners. It is a growth project for both our teams and our partners."

Following completion, the combined group would benefit from a stable, long-term European shareholder base, bringing together Cerealis' existing shareholders (the Moreira Da Silva and Silva Domingues families and Sofina) alongside CVC Capital Partners, which would retain a minority stake in the combined business. All four shareholders would be represented on the Board of Directors, supporting the group's long-term development and continued investment in its business.

The proposed transaction remains subject to the information and consultation of the relevant employee representative bodies and obtaining the required regulatory approvals.