Purely Elizabeth Acquisition, Valuation, Funding & Investors

Purely Elizabeth was acquired by Ferrero for $600M in August 2026, a 3.0x multiple on $200M of revenue.

Purely Elizabeth acquisition price

$600M

Acquired by Ferrero · Aug 2026

Purely Elizabeth revenue at acquisition

$200M

Last twelve months · Aug 2026

Purely Elizabeth revenue multiple at acquisition

3.0x

EV/Revenue · Aug 2026

Cumulative funding Purely Elizabeth raised

$53M

across 2 funding rounds

Purely Elizabeth Overview

About Purely Elizabeth

Purely Elizabeth is a Boulder-headquartered brand of organic, gluten-free granolas, cereals, and baking mixes using ancient grains like quinoa and amaranth. Certified organic and Non-GMO Project Verified, products avoid refined sugars and include flavors like Original and Chocolate Sea Salt sold at Whole Foods and Target nationwide. The company donates 1% of sales to environmental causes through 1% for the Planet.


Founded

2009

HQ

United StatesBoulder, CO

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$200M (Aug 2026)

Valuation

$600M (acquired Aug 2026)

Purely Elizabeth Acquisition

Purely Elizabeth was acquired by Ferrero for $600M on 14 August 2026.

The acquisition price implies a 3.0x revenue multiple on $200M of revenue.

Before the acquisition Purely Elizabeth had raised $53M across 2 funding rounds.

Ferrero Group signed an agreement in August 2026 to acquire Purely Elizabeth, a U.S.-based better-for-you breakfast brand, in a transaction with undisclosed terms. Prior to the deal, Purely Elizabeth had been seeking a $600 million valuation after surpassing $200 million in annual sales and was on track for roughly $300 million in sales in 2026. The acquisition expands Ferrero’s presence in the American breakfast aisle and adds a high-growth modern wellness brand centered on granola, oatmeal, and cereal. The deal fits Ferrero’s broader U.S. expansion strategy and follows the company’s continued push into the breakfast and snack categories. Purely Elizabeth was founded in 2009 by Elizabeth Stein and grew into a premium better-for-you food company with a significant national footprint. The brand has built its business around healthier breakfast products and had become a notable player in the granola and oatmeal segment by the time of the sale.

Purely Elizabeth acquisition details
AcquirerDateTypePriceEV/Revenue
  • Ferrero
14 Aug 2026Strategic M&A$600M3.0x

Purely Elizabeth Funding History

Purely Elizabeth has raised a total of $53M across 2 funding rounds.

Purely Elizabeth's first fundraising round was a $3M Series A in April 2017. The most recent completed round was a $50M Series B in January 2022.

Purely Elizabeth funding rounds

Purely Elizabeth funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2022Series BSEMCAP (lead); Swander Pace Capital; Del Monte$50MPurely Elizabeth is a female-led natural food brand offering nutrient-dense breakfast products including granola, oatmeal, pancake and waffle mixes made with organic ancient grains, probiotics, and MCT oil. The company announced the closing of a $50M Series B funding round on January 31, 2022, co-led by SEMCAP's newly launched Food & Nutrition division with co-investors Swander Pace Capital and Fresh Del Monte Produce. This marked the first investment for SEMCAP Food & Nutrition, led by managing partner John Haugen and partners Ryan Newcom and Kate Storey, who had served on the company's board since 2016. The funds are earmarked for product innovation, expansion into e-commerce, increased marketing investment, SKU growth in oatmeal and other lines, and entry into a new undisclosed category. Purely Elizabeth's products are distributed in over 15,000 retail locations, nearly double from five years prior, including major retailers like Whole Foods Market, Publix, Target, and Walmart. The company has demonstrated strong growth, with sources noting a 55% CAGR over the last five years and tremendous performance highlighted by investors. SEMCAP emphasized Purely Elizabeth's commitment to clean, sustainable, organic, non-GMO, and plant-based ingredients that deliver nutrition and taste, aligning with their focus on health and sustainability impact. Founder and CEO Elizabeth Stein praised the partners' operational expertise, values alignment, and long-term relationship in scaling the business. Investors view the brand as catalyzing change in food and nutrition through purpose-driven leadership and proven success.
Apr 2017Series A301 (lead); General Mills (lead)$3MPurely Elizabeth is a Boulder, Colorado-based natural foods company founded by Elizabeth Stein, specializing in nutrient-dense granola, oatmeal, muesli, cereal, and related products made with superfoods and ancient grains. The brand emphasizes clean, organic ingredients and has gained recognition in the natural and organic foods channel, with products available in around 10,000 stores nationwide including Whole Foods, Sprouts, Target, Publix, and Fresh Market as of 2017. In April 2017, Purely Elizabeth received a minority investment of $3 million from 301 INC, the venture arm of General Mills, marking its first and only outside funding at that time. Investors 301 INC and General Mills provided capital, expertise, and resources to accelerate new product development, such as mushroom-powered Wellness Bars planned for summer 2017, and expand distribution in natural and conventional grocery channels.

Who has invested in Purely Elizabeth?

5 investors have backed Purely Elizabeth across its funding rounds, including 301, General Mills, Swander Pace Capital, SEMCAP and Del Monte.

Lead investors include SEMCAP, 301 and General Mills.


Purely Elizabeth Investors

Investors in Purely Elizabeth by funding rounds participated
InvestorHQRoundsRoleFirst check
General MillsUnited StatesMinneapolis, MN1LeadApr 2017
SEMCAPUnited StatesPhiladelphia, PA1LeadJan 2022
Swander Pace CapitalUnited StatesSan Francisco, CA1ParticipantJan 2022

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Purely Elizabeth Competitors

Purely Elizabeth competitors include listed companies like Lesieur Cristal, Cem Zeytin, ForFarmers and Modern Mills, and private ones like Perfect Day and The EVERY Company.

Public and private companies comparable to Purely Elizabeth
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Perfect DayUnited StatesSan Francisco, CAPrivate--$600M-
Lesieur CristalMoroccoMoroccoPublicly listed$582M$24M$603M0.9x
Cem ZeytinTurkeyTurkeyPublicly listed$58M($3M)$604M-
ForFarmersNetherlandsNetherlandsPublicly listed$3.6B$158M$608M0.2x
The EVERY CompanyUnited StatesSan Francisco, CAPrivate--$586M-
Modern MillsSaudi ArabiaSaudi ArabiaPublicly listed$279M$85M$585M2.6x

Purely Elizabeth Public Comps

Purely Elizabeth is no longer listed, but its public comps include Lesieur Cristal, Cem Zeytin, ForFarmers, Modern Mills, Mama's Creations, SunRice, Rogers Sugar, Fourth Milling, Nichols and Kasapreko.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Lesieur Cristal$582M$24M0.9x0.9x22.7x18.3x
Cem Zeytin$58M($3M)10.5x-(232.3x)-
ForFarmers$3.6B$158M0.2x0.2x5.1x4.6x
Modern Mills$279M$85M2.8x2.6x9.2x8.8x
Mama's Creations$172M$12M2.9x2.4x41.0x24.3x
SunRice$1.3B$101M0.6x0.6x7.4x8.0x
Rogers Sugar$941M$99M1.0x1.1x9.5x8.2x
Fourth Milling$176M$72M3.4x3.4x8.5x8.5x

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Common questions about Purely Elizabeth

When was Purely Elizabeth founded?Purely Elizabeth was founded in 2009.
Where is Purely Elizabeth headquartered?Purely Elizabeth is headquartered in Boulder, CO, United States.
Is Purely Elizabeth publicly listed?No, Purely Elizabeth was acquired by Ferrero in August 2026.
Who acquired Purely Elizabeth?Purely Elizabeth was acquired by Ferrero in August 2026.
How much was Purely Elizabeth acquired for?Purely Elizabeth was acquired for $600M in August 2026, a 3.0x revenue multiple.
How much funding has Purely Elizabeth raised?Purely Elizabeth has raised $53M across 2 funding rounds.
What was Purely Elizabeth's last funding round?Purely Elizabeth's last funding round was a $50M Series B in January 2022, led by SEMCAP.
Who are Purely Elizabeth's investors?Purely Elizabeth's investors include General Mills, SEMCAP, Swander Pace Capital, Del Monte and 301.
Which companies are comparable to Purely Elizabeth?Companies comparable to Purely Elizabeth include Perfect Day, Lesieur Cristal, Cem Zeytin, ForFarmers, The EVERY Company and Modern Mills.

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