HUEL acquired by HIGHLAND EUROPE / MANAGEMENT & PRIVATE INVESTORS
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 in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (10.4x).
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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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REFERENCES
Valuation range: EV 500M - 1.5b USD
Revenue range: 100M - 200M USD
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Acquirer: highland europe