The shareholders of Panzani Group and Cerealis have entered exclusive negotiations to combine the two businesses into an independent European food group with an enterprise value of approximately 1.8 billion euros, the companies announced on October 16. The combined group would generate approximately 1 billion euros in consolidated annual revenue and employ nearly 1,800 people.
Panzani, headquartered in Lyon and controlled by CVC Capital Partners, generated 620 million euros of revenue in 2025 from pasta, couscous and sauces, with a presence in France, the Netherlands and Central Europe. Cerealis, headquartered in Porto and backed by its founding families and Sofina, generated 400 million euros in 2025 across pasta, breakfast cereals, cereal bars and biscuits in Portugal, Spain, the Czech Republic and Poland.
Under the planned structure reported by Reuters, Cerealis shareholders would hold the majority of the combined group and CVC would retain a minority stake, with the two businesses keeping their Lyon and Porto headquarters and operational autonomy. Cerealis executive vice chairman Pedro Moreira da Silva would lead the combined group.
The deal is a sponsor exit by combination. Rather than selling Panzani to another buyer or listing it, CVC rolls its holding into a larger, family anchored food group with complementary geographies and categories, keeping exposure to the combined business while giving up control.