Ferrero , the Italian sweet-packaged foods company, has signed an agreement to acquire Boulder (CO)-based wellness and better-for-you food business Purely Elizabeth.
Founded in 2009, Purely Elizabeth produces a portfolio of granola, oatmeal, cereals and protein products. The company has reportedly more than doubled its sales over the past two years. Following the transaction, Purely Elizabeth will continue to operate as a standalone brand within the Ferrero group, with founder and CEO Elizabeth Stein remaining in her role alongside the current leadership team.
Commenting on the deal, Ferrero International president Giovanni Ferrero stated: “With this transaction, Ferrero builds on its recent acquisition of WK Kellogg Co, reinforcing both its presence at breakfast time in America and its reach in the better-for-you segment”.
According to Ferrero, the acquisition enhances its footprint in the breakfast and better-for-you categories, complementing a brand portfolio that includes Power Crunch in North America, Eat Natural and Fulfil in Europe and Bold Snacks in Brazil.
The transaction is expected to close in the coming months, subject to customary closing conditions and regulatory approvals.
Source: Ferrero
