The maker of Butterfinger and Nutella is further expanding its cereal portfolio following its acquisition of Kellogg’s lineup last year.
Ferrero Group announced Friday that it has reached an agreement to acquire Purely Elizabeth, a Colorado-based brand of “better-for-you” granola, oatmeal and cereals. Ferrero officials said that the company’s sales have more than doubled in the past two years, and that it has recently expanded into “the fast-growing protein segment.”
Elizabeth Stein, the company’s founder and CEO, will continue to lead the business as a standalone division of Ferrero. Ferrero said that it would support the brand’s “next phase of growth,” including expanded distribution, increased operational capabilities and continued product innovation.
The deal is expected to be completed in “the coming months,” pending regulatory approval and other closing conditions. Terms of the transaction were not disclosed.
"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,” Ferrero Ice Cream and WK Kellogg Co. President Lapo Civiletti said in the announcement.
