Elizabeth Stein wasn’t trying to start a food company. She was a certified holistic nutrition coach and triathlete with about ten private clients, and in 2008 she brought homemade blueberry muffins — made with quinoa, chia seeds and coconut sugar — to a race to promote her coaching practice. The muffins outsold the pitch. People kept asking where to buy them, so Stein told them to sign up for her newsletter and she’d let them know. That mailing list became the start of Purely Elizabeth, which she launched in 2009 with $5,000 from her own savings, mixing the first batches in her Manhattan apartment.
Seventeen years later, that $5,000 bet is now part of one of the largest deals in natural foods this year. On August 14, 2026, Ferrero Group announced it was acquiring Purely Elizabeth, the Boulder, Colorado company Stein built from muffin mixes into a granola, oatmeal and cereal brand carried in tens of thousands of U.S. grocery stores. Ferrero didn’t disclose a price, but Forbes, Inc. and New Hope Network each independently put the value at an estimated $850 million, roughly 3.4 times the company’s trailing revenue.
The number reflects real growth, not just a good story. Food Dive reported that Purely Elizabeth’s sales more than doubled over the past two years, hitting roughly $200 million in 2025 with a 2026 target above $300 million, driven partly by a newer line of protein-boosted granola. Ferrero’s own announcement credited that momentum directly, with company president Giovanni Ferrero calling Purely Elizabeth’s “portfolio of quality, tasty products… a great addition to Ferrero,” and Ferrero Ice Cream and WK Kellogg Co. president Lapo Civiletti framing the deal as part of a “long-term strategy to invest in high-growth categories.” The acquisition follows Ferrero’s $3.1 billion purchase of WK Kellogg Co. in 2025, giving the Italian chocolate giant both a legacy cereal aisle and a premium challenger brand under one roof.
Stein isn’t stepping back. She’s staying on as founder and CEO, with Purely Elizabeth continuing to run as a standalone brand inside Ferrero. “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,” she said in Ferrero’s official announcement. “In Ferrero, we’ve found a family-owned company that believes deeply in what we’ve built and sees the tremendous opportunity still ahead,” she added, in the same statement Ferrero also published on its own site. Forbes’ coverage of the deal ran under the headline “Feel the fear and do it anyway” — Stein’s own description of the mindset that took her from a triathlon side table to a nine-figure exit. Both Forbes and Inc. estimated that Stein, who reportedly held onto roughly two-thirds ownership of the company through nearly two decades and multiple funding rounds, could net around $400 million after taxes from the sale.
Frequently asked questions
What is Purely Elizabeth?
Purely Elizabeth is a Boulder, Colorado-based natural foods company founded by Elizabeth Stein in 2009, making granola, oatmeal and cereal sold in tens of thousands of U.S. grocery stores. It started as a blueberry muffin mix Stein made in her Manhattan apartment before the company later expanded into granola.
How did Elizabeth Stein start Purely Elizabeth?
Stein was a holistic nutrition coach and triathlete who brought homemade muffins made with quinoa, chia seeds and coconut sugar to a 2008 triathlon to promote her coaching business. The muffins drew more interest than her nutrition services, and she used $5,000 in personal savings to launch an online muffin-mix business in 2009 that became Purely Elizabeth.
How much did Ferrero pay for Purely Elizabeth?
Ferrero Group did not disclose the price when it announced the deal on August 14, 2026, but Forbes, Inc. and New Hope Network each reported an estimated valuation around $850 million — about 3.4 times the company's trailing revenue. Elizabeth Stein is remaining as founder and CEO, with Purely Elizabeth continuing to operate as a standalone brand.