PURELY ELIZABETH acquired by THE FERRERO GROUP

Ferrero Group signed an agreement to acquire Purely Elizabeth, the Boulder-based breakfast and snacking brand, from founder Elizabeth Stein, SEMCAP Food & Nutrition and Swander Pace Capital, at an enterprise value of $500M–1.5bn. The company had more than doubled its sales over the preceding two years and more than quadrupled them over five, extending its granola, oatmeal and cereal range into snacks and protein products. SEMCAP Food & Nutrition and Swander Pace Capital had invested in 2021 and sold their holdings through the transaction. Elizabeth Stein, who founded the company in 2009, stayed on as chief executive with her management team, and Purely Elizabeth was to operate as a standalone brand within the group, keeping its own identity while drawing on Ferrero’s manufacturing and distribution. The purchase strengthened Ferrero’s position in American breakfast foods, after its acquisition of WK Kellogg in 2025, and added to a set of better-for-you brands that already included Eat Natural and FULFIL in Europe, Power Crunch in North America and Bold Snacks in Brazil. Completion was expected in the months following signing, subject to customary conditions and regulatory approvals.

By taking control of Purely Elizabeth, The Ferrero Group continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Wk Kellogg Co in 2025.