Highland Europe / Management & Private Investors invest in Huel
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.
In the past, Huel was acquired by Highland Europe in 2018 as part of its expansion strategy.
Huel, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only].
-> 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.
Ent. Value
$500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (USD)
Other operations with Huel
Other operations with Highland Europe / Management & Private Investors
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2025 | MANAGEMENT & PRIVATE INVESTORS | POGGIPOLINI | ITALY | Components |
| 12/2023 | MANAGEMENT & PRIVATE INVESTORS | ATELIERS DE FRANCE (FORMERLY MERIGUET-CARRERE) | FRANCE | Finishing Works |
| 04/2021 | ICG / MANAGEMENT & PRIVATE INVESTORS | DOMUSVI | FRANCE | Nursing Homes |
| 10/2018 | HIGHLAND EUROPE | HUEL | UNITED KINGDOM | Food Products |
| 08/2018 | MANAGEMENT & PRIVATE INVESTORS | DESIGUAL | SPAIN | Fashion & Apparel |
| 07/2018 | MANAGEMENT & PRIVATE INVESTORS | BETJEMAN & BARTON | FRANCE | Coffee & Tea |
| 06/2017 | ICG / MANAGEMENT & PRIVATE INVESTORS | DOMUSVI | FRANCE | Nursing Homes |
| 07/2012 | MANAGEMENT & PRIVATE INVESTORS | LVL MEDICAL GERMANY | GERMANY | Outpatient Care |
| 03/2012 | MANAGEMENT & PRIVATE INVESTORS | ICELAND FOODS GROUP | UNITED KINGDOM | General Grocery |
| 01/2008 | MANAGEMENT & PRIVATE INVESTORS / DENTRESSANGLE | OGIC | FRANCE | Residential Dev |
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2022 | HILTON FOOD GROUP | DUTCH SEAFOOD COMPANY | NETHERLANDS | Food Products |
| 02/2022 | KKR | REFRESCO | NETHERLANDS | Beverages |
| 01/2022 | MONSTER BEVERAGE CORPORATION | CANARCHY CRAFT BREWERY | UNITED STATES | Wines & Spirits |
| 01/2022 | BENSON HILL | ZFS CRESTON | UNITED STATES | Ingredients |
| 12/2021 | LUCAS BOLS COMPANY | TEQUILA PARTIDA | UNITED STATES | Wines & Spirits |
| 11/2021 | TA ASSOCIATES | NACTAROME GROUP | ITALY | Ingredients |
| 11/2021 | BGH CAPITAL | LAURENT BAKERY GROUP | AUSTRALIA | Bakery / Pastry |
| 11/2021 | CVC | LIPTON TEAS AND INFUSIONS | NETHERLANDS | Coffee & Tea |
| 10/2021 | BISCUIT INTERNATIONAL | CONTINENTAL BAKERIES | NETHERLANDS | Food Products |
| 09/2021 | ARDIAN | FLORIDA FOOD PRODUCTS (FFP) | UNITED STATES | Food Products |
REFERENCES
Valuation range: EV $500M–1.5bn
Revenue range: $100–200M
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 / Management & Private Investors 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?
How was the acquisition of Huel by Highland Europe valued, and what multiples were paid?
What was Huel’s revenue at the time of the deal?
What sources support the information on this transaction?
What is mynth?