Nutella, Tic Tac owner Ferrero to buy Boulder’s Purely Elizabeth

BOULDER — Purely Elizabeth LLC, a Boulder-based maker of natural pancake mixes, oatmeal and granola products, has inked a deal to be acquired by Ferrero SpA, the Italian sweets and breakfast conglomerate that owns brands such as Nutella, Tic Tac, Kinder and Ferrero Roche.

“The acquisition further enhances Ferrero’s relevance at the American breakfast table with Purely Elizabeth joining its portfolio,” Ferrero said in a news release. “Following closing, Ferrero intends to support Purely Elizabeth’s next phase of growth through continued product innovation, operational capabilities and expanded distribution, helping the brand reach more consumers while preserving its distinct identity and commitment to quality.”

Financial terms of the deal, which comes less than a year after Ferrero bought cereal giant WK Kellogg Co. for $3.1 billion, were not disclosed. Ferrero’s Purely Elizabeth acquisition is expected to close in the coming months. 

“We are delighted to welcome Purely Elizabeth to the Ferrero Group,” Ferrero president Lapo Civiletti said in the release. “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. 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.”

The company, formed by ex-holistic nutrition counselor Elizabeth Stein in 2009 in New York, raised a $50 million Series B round in 2022. That round, led by the founder of General Mills Inc.’s (NYSE: GIS) venture fund, was aimed at fueling company growth.

Stein moved Purely Elizabeth, at the time a three-person company, to Boulder in 2014 because the region “felt like the mecca of natural food,” she told BizWest when the 2022 fundraising round closed. “Being entrenched in this community felt like a great way to grow the business.”

With the influx of capital, Purely Elizabeth expanded its breakfast offerings in 2024 with its new Cookie Granola line. 

“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,” Stein said in the release. “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.”

Purely Elizabeth “will continue to operate as a standalone brand within the Ferrero Group” and Stein will be “continuing in her role alongside the existing leadership team,” Ferrero said.

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