Cvc Capital Partners launches a new pasta leader: valuation 1,8 billion

One week ahead of World Pasta Day 2026, which will be on Monday 26 October, comes the announcement of the birth of a new pan-European pasta giant, with a turnover just above one billion euros.

All under the direction of international private equity firm Cvc Capital Partners: 212 billion in assets under management.

Although, most probably, the future entity will not enter the Italian market, a market where our companies have a very strong presence, the result will nevertheless be surprising and, perhaps, threatening for our exporters.

Panzani (620 million) joins forces with Cerealis (400 million)

We are referring to the ongoing exclusive negotiations between the French group Panzani, 620 million euros in turnover in 2025, and the Portuguese Cerealis, 400 million in revenue last year.

The proposed combination will involve, on the Panzani side—controlled by the Cvc group since 31 December 2021—the Netherlands and Central Europe, in addition to the Hexagon for the pasta, couscous and sauce markets.

Cerealis, owned by the Moreira da Silva and Silva Domingues families, with stakes held by Belgian investor Sofina and Cvc Capital Partners, operates not only in Portugal, but also in Spain, the Czech Republic and Poland, with a wide range of pasta, breakfast cereals, bars and biscuits.

One billion in turnover and 1.800 employees

The merger has an enterprise value of approximately 1,8 billion euros and would generate, as mentioned, approximately 1 billion euros in consolidated annual revenue, providing employment to 1.800 people internationally.

As the two protagonists confirm, the combination is set to create new growth opportunities by drawing on the respective strengths of the two companies.

The almost entirely complementary portfolios, although overlapping in pasta, would make it possible to expand the offering beyond the existing categories, while Panzani-Cerealis's broad geographical presence would provide the opportunity to introduce established brands in other European markets.

What the new strategy entails

The project, it is further reported, would be supported by ongoing investment in industrial assets, brands and innovation, strengthening the new group's offering to corporate customers and consumers.

It is expected that the transaction will preserve the operational and industrial autonomy of the two businesses, which will retain a decentralised operating model.

Panzani will remain a French company headquartered in Lyon and will retain its top management, and the same will apply to Cerealis (headquartered in Porto).

At the end of the transaction, the group will benefit from a stable shareholder base, bringing together Cerealis's existing shareholders and Cvc Capital Partners, which intends to retain a minority stake.

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.