After 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.

Founded in 2009 and based in Boulder, Colorado, Purely Elizabeth has more than doubled its sales in the past two years, driven by its portfolio while more recently expanding into the fast-growing protein segment.

"We are delighted to welcome Purely Elizabeth to the Ferrero Group," says Lapo Civiletti, president of Ferrero Ice Cream and WK Kellogg Co. "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 will continue to operate as a standalone brand within the Ferrero Group, with founder and CEO Elizabeth Stein continuing in her role alongside the existing leadership team. The business will benefit from Ferrero Group's long-term commitment to support the brand's product-development pipeline and innovation, supporting the continued growth of Purely Elizabeth and its product offering.

"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 says. "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."

The proposed transaction is expected to close in the coming months, subject to customary closing conditions and regulatory approvals.