CVC Capital Partners-controlled Panzani Group and Cerealis have entered exclusive negotiations to combine, in a deal that would create an independent European food group with an enterprise value of about €1.8 billion.
Cerealis is controlled by its founding families, Moreira Da Silva and Silva Domingues, and by Sofina. After completion, those three shareholders and CVC would own the combined group, with CVC keeping a minority stake. All four shareholders would be represented on the board. Sofina said it would provide additional capital to help make the combination possible.
Panzani is headquartered in Lyon and generated €620 million in revenue in 2025, operating in France, the Netherlands and Central Europe with mainly pasta, couscous and sauces. Cerealis is headquartered in Porto and generated €400 million in revenue in 2025, operating in Portugal, Spain, the Czech Republic and Poland, making pasta, breakfast cereals, cereal bars and biscuits. Together they would generate about €1 billion in annual revenues and employ nearly 1,800 people.
The two businesses would keep a decentralized operating model. Albert Mathieu would remain chief executive of Panzani, with a broader role covering Central European operations, while Paula Meireles would stay CEO of Cerealis. Pedro Moreira da Silva, executive vice-chairman of Cerealis, would lead the combined group. The companies plan to expand into more European markets and beyond their existing product categories. The deal is subject to employee consultation and regulatory approvals.
Source: PE Hub · Summarized by HeadlinesBriefing