10/2018MinorityVenture

Highland Europe invests in Huel

UNITED KINGDOM Food Processing / Food Products EV £100–350M

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 [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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.

Ent. Value

£100–350M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Huel

Other operations with Huel
Date	Acquirer	Target	Country	Sector
03/2026	DANONE	HUEL	UNITED KINGDOM	Food Products
01/2022	HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS	HUEL	UNITED KINGDOM	Food Products

Other operations with Highland Europe

Other operations with Highland Europe
Date	Acquirer	Target	Country	Sector
01/2022	HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS	HUEL	UNITED KINGDOM	Food Products

Similar deals in Food Processing

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10/2018	MADEMOISELLE DESSERTS	PÂTISSERIE MICHEL KREMER	FRANCE	Bakery / Pastry
10/2018	LAVAZZA	MARS DRINKS	UNITED STATES	Soft Drinks
10/2018	PEPSICO	HEALTH WARRIOR	UNITED STATES	Food Products
10/2018	HERSHEY COMPANY	PIRATE BRANDS	UNITED STATES	Food Products
10/2018	INTERNATIONAL FLAVORS & FRAGRANCES (IFF)	FRUTAROM	ISRAEL	Ingredients
09/2018	MBO+ / AMUNDI PRIVATE EQUITY	ARCADO	FRANCE	Meat & Cured Meat
09/2018	KEURIG DR PEPPER	CORE NUTRITION	UNITED STATES	Soft Drinks
07/2018	MANAGEMENT & PRIVATE INVESTORS	BETJEMAN & BARTON	FRANCE	Coffee & Tea

REFERENCES

Valuation range: EV £100–350M

Revenue range: £25–50M

EV/Revenue range: 2x - 6x

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Huel, a British company specialised in Food Products, by Highland Europe in 2018. Ownership has since evolved, leading to a subsequent transaction with Highland Europe / Management & Private Investors in January 2022 (see the dedicated deal page for details).

How was the acquisition of Huel by Highland Europe valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £100–350M band and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What was Huel’s revenue at the time of the deal?

At the time of the transaction, Huel’s annual revenue was estimated within the £25–50M range (FY 2018). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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