The deal will see Purely Elizabeth continue to operate as a standalone brand within the Ferrero Group as it looks to grow its relevance with American consumers.
Founder and chief executive officer Elizabeth Stein, who set up the business in 2009, will continue in her role alongside the existing leadership team.
Based in Boulder, Colorado, the brand has been described by Ferrero as a “high-growth modern wellness brand and a leading better-for-you food company”.
The firm is well established in its native market, and its products are currently stocked in around 30,000 stores across the US, including major retailers such as Whole Foods, Target, Kroger and Walmart.
“Building Purely Elizabeth from an idea 17 years ago into the brand it is today has been one of the most rewarding journeys of my life, and I’m incredibly proud of what our team has accomplished,” said Stein.
“As I thought about the next chapter, finding a partner who understood what makes Purely Elizabeth special and shared our commitment to quality, innovation and building for the long term was incredibly important to me.
“In Ferrero, we’ve found a family-owned company that believes deeply in what we’ve built and sees the tremendous opportunity still ahead. I couldn’t be more excited to continue leading Purely Elizabeth alongside our team as we bring our mission and products to even more people.”
The Italian manufacturer said it intends to “support Purely Elizabeth’s next phase of growth through continued product innovation, operational capabilities and expanded distribution”, helping the brand reach more customers while preserving its “distinct identity”.
Purely Elizabeth has more than doubled its sales in the past two years, driven by the popularity of its granola, oatmeal and cereal products.
This latest acquisition builds on Ferrero’s takeover of cereal giant WK Kellogg last year while further developing its presence in the breakfast and better-for-you categories.
“This acquisition reflects our long-term strategy to invest in high-growth categories and further enhance our presence in the better-for-you offerings across breakfast occasions and beyond,” said Lapo Civiletti, president of Ferrero Ice Cream and WK Kellogg Co.
“Purely Elizabeth has built a distinctive brand by being in tune with evolving consumer preferences through premium, innovative and delicious products, making it a highly complementary addition to our portfolio. We look forward to supporting the brand’s continued growth while preserving the entrepreneurial spirit that has made it successful.”
