Panzani deal takes Cerealis into France and sauces

Cerealis’s planned acquisition of French pasta and sauces maker Panzani would take the Portuguese food group into France and into the sauces segment, marking a new step in its expansion strategy. The two businesses would form a food group with an enterprise value of €1.8 billion.

The combined company will be led by Cerealis executive vice-president Pedro Moreira da Silva, who described the deal as a chance to benefit from “highly complementary” product ranges, technologies and capabilities, while strengthening innovation and growth. Together, the two groups would generate about €1 billion in revenue and employ 1,800 people.

Beyond scale, the transaction would give Cerealis direct access to the French market and add a new product category through Panzani’s sauces business, which includes bolognese, vegetable, pesto and cream-based products. Aníbal Castro Fabrica, country manager at food-sector M&A adviser TAE Europa, told ECO the deal gives Cerealis a definitive entry into pasta sauces, where international brands have a strong presence in Portugal.

The Panzani deal follows a series of cross-border moves by Cerealis. The owner of Nacional, Milaneza and Napolitana took full control of Czech pasta maker Europasta in 2023 and bought the pasta business of Spain’s Cerealto in April. Castro Fabrica said these transactions together may point to an “accelerated consolidation” strategy, as Cerealis uses acquisitions to gain scale in a mature category where organic growth would be slower.

Originally published at Eco.pt