Key Takeaways
- Ferrero is making a bigger play in the U.S. wellness and breakfast market.
- Purely Elizabeth’s rapid growth made it an attractive acquisition target.
- Elizabeth Stein is retaining leadership after the exit.
Italian food giant Ferrero Group has agreed to purely Elizabeth Acquisition, the U.S.-based wellness food brand founded by entrepreneur Elizabeth Stein, in a transaction Forbes estimates is worth more than $850 million. The deal marks another major expansion for Ferrero in the U.S. food market, particularly in the growing breakfast and better-for-you categories.
The purely Elizabeth acquisition also represents a significant milestone for Stein, who built Purely Elizabeth from a small home-based food business into a brand sold across tens of thousands of U.S. retail locations. Stein is expected to remain CEO after the transaction, allowing her to continue leading the brand through its next stage of growth.
Stein founded Purely Elizabeth in 2009 after developing nutrient-focused food products while working as a nutrition coach. She initially invested about $5,000 of her savings into the business and began selling muffin mixes online from her Manhattan apartment.
The company gained early momentum before shifting its focus toward granola. Stein experimented with ingredients including puffed quinoa and developed a granola recipe that eventually became the foundation of Purely Elizabeth’s product portfolio.
Early retail partnerships helped the company move beyond direct online sales. Whole Foods became an important growth channel, helping the brand expand its distribution across the U.S. Purely Elizabeth acquisition subsequently broadened its portfolio to include oatmeal, cereal, and other breakfast products, while entering major retailers such as Target and Walmart.
The company’s growth accelerated as demand increased for premium, nutrient-focused packaged foods. Purely Elizabeth has since expanded to more than 30,000 stores across the country, according to Forbes, while its sales have more than doubled over the past two years.
The company also attracted outside investment as it scaled. It raised a $3 million Series A round in 2017 and later secured $50 million in Series B funding in 2022 to support manufacturing, infrastructure, marketing, and product development.
Ferrero Strengthens Its U.S. Breakfast Portfolio
Ferrero announced the agreement to acquire Purely Elizabeth on August 14, describing the company as a high-growth U.S. wellness brand. The companies did not disclose financial terms, but Forbes estimates the transaction at more than 850-million
The acquisition fits into Ferrero’s broader strategy of expanding beyond its traditional confectionery portfolio. The company has been increasing its presence in the U.S. food market through acquisitions, including its $3.1 billion purchase of WK Kellogg Co in 2025.
Purely Elizabeth adds a portfolio centered on granola, oatmeal, cereal, and protein-focused products. Its positioning around premium ingredients and wellness-oriented nutrition also gives Ferrero greater exposure to consumers seeking healthier alternatives within everyday food categories.
The acquisition comes as large food companies increasingly target brands operating in high-growth segments such as protein, functional nutrition, and premium breakfast foods. For Ferrero, Purely Elizabeth provides an established brand with significant retail distribution and room for further expansion.
Ferrero has said the Purely Elizabeth acquisition will continue operating as a standalone brand while gaining access to the group’s resources, including product development capabilities, operational expertise and distribution networks. The company also expects the acquisition to support further innovation and growth for the brand.
Stein to Remain at the Helm
Stein will continue as CEO following the acquisition, with Purely Elizabeth’s existing leadership team also expected to remain in place. Maintaining the company’s identity and its focus on ingredient quality was an important consideration in the transaction.
For Stein, the deal represents the culmination of nearly two decades of building a consumer food company. What began with a small investment and products made from a Manhattan apartment has developed into a national wellness brand with a substantial retail footprint.
The founder has also emphasized the importance of partnering with a company that takes a long-term approach to brand building. Ferrero’s family ownership and global scale were key factors in selecting the company as Purely Elizabeth’s new owner.
The transaction remains subject to customary closing conditions and regulatory approvals. Once completed, it will give Ferrero another established U.S. food brand while providing Purely Elizabeth with the resources and distribution capabilities to pursue its next phase of expansion.
For Stein, the acquisition is both a major financial exit and an opportunity to remain involved in the company she built. For Ferrero, it represents another step in transforming its U.S. portfolio beyond confectionery and into faster-growing food categories.
