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← Database

M&A

HUEL

Acquired by

DANONE

UNITED KINGDOM Food Processing EV [500m GBP - 1b GBP] 03/2026

HUEL acquired by DANONE

UNITED KINGDOM Food Processing EV [500m GBP - 1b GBP] 03/2026

Target

HUEL

Acquirer

DANONE

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.

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.

Ent. Value

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2026

2025

Other operations with HUEL

Date	Acquirer	Target	Country	Sector	Target Description
01/2022	HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS	HUEL	UNITED KINGDOM	Food Processing	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.