At what enterprise value was HUEL acquired in 2018?

During the acquisition of HUEL by HIGHLAND EUROPE in 2018, 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 100M - 350M 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 10.6x, providing a valuable benchmark for this transaction.

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

The exact EV/EBITDA multiple for HUEL is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.6x. Join our community for free to access full valuation data and industry trends.

When was HUEL acquired by HIGHLAND EUROPE?

HUEL was acquired by HIGHLAND EUROPE in 2018.

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 25M - 50M GBP. Register for free to access the full transaction report and exact valuation multiples.

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.highlandeurope.com/market-leader-huel-raises-20-million-from-highland-europe-as-the-innovative-company-dubbed-the-future-of-food-continues-to-disrupt-the-food-scene/

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Home Database AgriFoodHUEL

10/2018

HUEL

Acquired by

HIGHLAND EUROPE

UNITED KINGDOM Food Processing / Food Products EV 100M - 350M GBP

HUEL acquired by HIGHLAND EUROPE

UNITED KINGDOM Food Processing / Food Products EV 100M - 350M GBP

Context

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. The funding was designed to accelerate international expansion, with a particular focus on the United States and key European markets, as well as to support new product development beyond its original protein powder range. Highland Europe, a growth equity firm specializing in high-growth European consumer and technology companies, was selected for its track record in scaling e-commerce brands globally. The round provided the financial infrastructure for Huel to invest in supply chain optimization, R&D, and retail distribution, laying the groundwork for its subsequent expansion into ready-to-drink, snack bars, and hot meal products.

HUEL, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the AgriFood sector (10.6x).

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.

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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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Other operations with HUEL

Date	Acquirer	Target	Country	Sector	Deal Context
03/2026	DANONE	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.
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.

REFERENCES

Valuation range: EV 100M - 350M GBP

Revenue range: 25M - 50M 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 HIGHLAND EUROPE are reserved for mynth community members. Register for free to unlock full data.

Authors: 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: highland europe