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Seventeen years ago, Elizabeth Stein was selling muffin mix out of her Upper West Side apartment to her nutrition clients. Now she’s selling her granola and oatmeal company, Purely Elizabeth, for $850 million.
Stein agreed to sell the company to Ferrero, the Italian giant behind Nutella, Kellogg’s cereal and Tic Tacs, according to Forbes. The deal is over four times Purely Elizabeth’s estimated $250 million revenue, making it one of the largest natural foods deals in recent memory.
Not bad for a company that started as a side hustle. Stein, a triathlete and nutrition coach, began baking muffins for her ten clients to enjoy after races, then started selling mixes online to promote her practice. That grew into a brand of 40 granolas, oatmeals and cereals now sold in supermarkets nationwide. Part of Stein’s genius is that she was an early mover in bringing ancient grains and functional, better-for-you ingredients, like quinoa, amaranth, chia, into premium breakfast products for mainstream consumers.
Unlike most founders who exit after a sale, Stein, 45, is staying on as CEO. “I really hope it shows women that they don’t have to choose between being a visionary founder and becoming a scaled CEO,” she said.