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CVC Nears Deal To Combine Panzani With Cerealis Backed By Sofina

Nate Gregory
Published Oct 16, 2026
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Summary:
  • CVC Capital Partners is close to a deal to merge its Panzani pasta business with Cerealis, a company backed by Sofina SA.
  • The combined group would be valued at around €1.8 billion, equal to $2 billion, including debt, and would generate about €1 billion in annual sales.
  • The transaction is in exclusive talks, aims to create a more diversified European food company, and depends on employee consultations and regulatory approvals.

The deal and who is involved

CVC is nearing agreement to join its European pasta operations, Panzani, with Portuguese food maker Cerealis, which is supported by Sofina SA. The companies said they announced the talks on Friday and that the talks confirm an earlier Bloomberg report. A CVC spokesperson did not provide an immediate comment.

The finances and structure

The proposed deal values the combined business at about €1.8 billion, equal to $2 billion, and that number includes debt. The merged company would produce about €1 billion in consolidated annual sales, and under the plan CVC would retain a minority stake after the transaction closes.

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Background and next steps

Cerealis is based in Porto and is controlled by founding families together with Sofina, which first bought a stake in January. Cerealis makes pasta, flour, cookies and breakfast cereals. CVC originally acquired Panzani's products business in 2021 for €550 million, covering dry pasta, couscous and sauces. The planned merger is pitched as a way to broaden product lines and geographic reach, but it is conditional on completing employee consultations and winning regulatory approvals.

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