At what enterprise value was HUEL acquired in 2026?

During the acquisition of HUEL by DANONE in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b GBP. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.2x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of HUEL when it was acquired by DANONE?

The estimated EV/EBITDA multiple for HUEL is in the range of Above 20x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.2x. Join our community for free to access full valuation data and industry trends.

When was HUEL acquired by DANONE?

HUEL was acquired by DANONE in 2026.

What was the revenue of HUEL at the time of the deal?

The revenue of HUEL at the time of the deal is estimated to be in the range of 250M - 500M GBP. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of HUEL during the acquisition?

HUEL's EBITDA is estimated to be in the range of 10M - 30M GBP. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the HUEL acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the HUEL deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.danone.com/fr/newsroom/communiques-de-presse/acquisition-huel.html

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Home Database AgriFoodHUEL

03/2026

HUEL acquired by DANONE

UNITED KINGDOM Food Processing / Food Products EV 500M - 1.5b GBP

Context

Danone has acquired 100% of Huel. This represents a significant milestone in the second chapter of the "Renew Danone" strategy, which focuses on accelerating growth through high-added-value acquisitions. This transaction allows the French group to establish a dominant position in the rapidly expanding "nutritiously complete" and functional nutrition category. The strategic rationale for the deal centers on the perfect alignment between Huel’s high-growth, plant-based protein portfolio and Danone’s global leadership in specialized nutrition. By acquiring Huel, Danone gains access to a cutting-edge digital business model and a premium, younger consumer base that is increasingly seeking convenient and healthy meal alternatives. The partnership is designed to be highly complementary, combining Huel’s entrepreneurial agility and D2C expertise with Danone’s industrial scale, research facilities, and extensive worldwide retail network. This move follows a series of targeted acquisitions by the group in the medical and biotic nutrition spaces, reinforcing its shift away from lower-margin traditional dairy toward high-performance, science-backed nutritional solutions. For Huel, the integration provides the necessary infrastructure to accelerate international expansion and enter new geographic markets more rapidly than it could as a standalone entity.

In the past, the company had already been the subject of several LBOs, notably led by Highland Europe in 2018 and Highland Europe / Management & Private Investors in 2022. These multiple LBO cycles illustrate the strong appeal for this type of asset.

HUEL, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the AgriFood sector (10.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in AgriFood market trends

Target

Founded in 2015, Huel (a portmanteau of "Human" and "Fuel") is a leading specialist in nutritionally complete, convenient, and sustainable food solutions. The company provides a comprehensive range of vegan, high-protein, and vitamin-enriched products, including ready-to-drink beverages, powders, bars, and hot meals. Huel’s business model is characterized by a sophisticated digital execution and a highly effective direct-to-consumer (D2C) online sales strategy, complemented by a rapidly accelerating retail presence. The brand targets health-conscious consumers and fitness enthusiasts with a "science-based" approach to nutrition, focusing on essential nutrient delivery and functional benefits. Strategically, Huel operates its own manufacturing facility in the UK and utilizes a global network of specialized co-packers to serve a loyal community of customers across the United Kingdom, Europe, and the United States.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
01/2022	HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS	HUEL	UNITED KINGDOM	Food Processing	In December 2022, Huel closed a $24M funding round led by Highland Europe, with participation from actor Idris Elba, TV presenter Jonathan Ross, and TALA CEO Grace Beverley. At the time of the round, Huel reported $170M in annual revenue, representing 40% year-over-year growth, driven by the successful launch of its hot meal range and a strategic transition from direct-to-consumer to omnichannel retail distribution
10/2018	HIGHLAND EUROPE	HUEL	UNITED KINGDOM	Food Processing	In 2018, Huel closed a $20M Series A funding round led by Highland Europe, marking the company's first external institutional investment after three years of bootstrapped growth. At the time of the round, Huel had already reached profitability and established a presence in over 80 countries, driven entirely by organic growth and a direct-to-consumer online model

REFERENCES

Valuation range: EV 500M - 1.5b GBP

Revenue range: 250M - 500M GBP

EBITDA range: 10M - 30M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HUEL by DANONE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: danone