At what enterprise value was HUEL acquired in 2022?

During the acquisition of HUEL by HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS in 2022, 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 USD. 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 HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS?

The exact EV/EBITDA multiple for HUEL is available on mynth capital. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.2x. Join our community for free to access full valuation data and industry trends.

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 100M - 200M USD. 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.maddyness.com/uk/2022/12/02/hueligans-enrol-idris-elba-wooden-debit-cards-and-mindful-golfing-in-this-weeks-maddymoney/

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Home Database AgriFoodHUEL

01/2022

HUEL acquired by HIGHLAND EUROPE & MANAGEMENT & PRIVATE INVESTORS

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

Context

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. The round was designed to accelerate Huel's expansion in the United States, its second-largest market after the UK, as well as Germany and Japan. The funding also supported new product innovation and the development of Huel's low-carbon, plant-based nutritionally complete food range.

It is worth noting that the fund Highland Europe took control of Huel through an LBO in 2018.

HUEL, which reported an EBITDA margin of LOGIN in 2022, 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 (10.2x).

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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Other operations with HUEL

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
03/2026	DANONE	HUEL	UNITED KINGDOM	Food Processing	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
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 USD

Revenue range: 100M - 200M USD

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 / MANAGEMENT & PRIVATE INVESTORS 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).

Acquirer: highland europe