Cerealis enters exclusive talks to buy France’s Panzani

Portugal’s Cerealis, owner of pasta brands Milaneza and Nacional, is in exclusive talks to buy French food company Panzani from CVC Capital Partners, in a deal that would create a group with about €1 billion in annual revenue. The transaction matters for international readers because it would significantly expand a Portuguese food producer’s scale in Europe and reshape ownership of a cross-border consumer goods business.

The acquisition value was not disclosed, but the combined group would have an enterprise value of about €1.8 billion and 1,800 employees. Panzani generated €620 million in revenue in 2025, above Cerealis’s €400 million. Based in Lyon, Panzani operates in France, the Netherlands and Central Europe, mainly in pasta, couscous and sauces, while Cerealis is active in Portugal, Spain, the Czech Republic and Poland in pasta, breakfast cereals, cereal bars, biscuits and flour.

Pedro Moreira da Silva, currently Cerealis’s executive vice-chairman, will lead the combined group. In a statement seen by ECO, he said the deal is driven by the “opportunity to benefit from highly complementary product ranges, technologies and capabilities” and would strengthen innovation and growth. The plan includes taking brands into new European markets and investing in industrial capacity, brands and innovation, while keeping Cerealis and Panzani operationally autonomous and maintaining their headquarters in Porto and Lyon.

The new shareholder structure would bring together the Moreira da Silva and Silva Domingues families, Sofina and CVC, which would move from controlling shareholder of Panzani to a minority investor in the combined group. Sofina, already a shareholder in Cerealis, will provide additional capital to support the acquisition. Paula Meireles will remain Cerealis chief executive, overseeing Iberia and the international private-label business, while Albert Mathieu will continue to lead Panzani and add responsibility for the group’s Central European operations.

The deal has not yet closed. In addition to the exclusive negotiations, it must go through employee information and consultation procedures and obtain regulatory approvals. If those steps are completed, closing is expected at the start of 2027.

Originally published at Eco.pt