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Danone, the French multinational food giant, has entered into a definitive agreement to acquire Huel, the UK-based plant-based nutrition leader, in a deal valued at approximately €1 billion ($1.15 billion). The acquisition is a cornerstone of the “Renew Danone” strategy, which focuses on scaling high-growth, health-centric assets in the “Complete Nutrition” category.
Founded in 2015 by Julian Hearn and James Collier, Huel specializes in “nutritionally complete” meal solutions. Its product portfolio, which includes powders, ready-to-drink shakes and Hot & Savoury meals, has seen exceptional growth. For fiscal 2025, Huel’s revenues are estimated to exceed £250 million ($332 million), a significant jump from the £214 million ($284 million) reported the previous year.
The transaction marks a major exit for early backers, including Morgan Stanley (via its 1GT climate private equity strategy) and high-profile investors such as Steven Bartlett, Idris Elba and Jonathan Ross. Notably, the deal unites two B-Corp certified organizations, aligning with Danone’s 2025 achievement of global B-Corp status.
Commenting on the acquisition, Danone CEO Antoine de Saint-Affrique stated: “What they have achieved in the fast-growing Complete Nutrition space fully resonates with Danone’s mission of delivering health through food.”
James McMaster, CEO of Huel, added: “With Danone, we will now have the infrastructure, distribution and R&D capability to go further, into new markets and to more people, as demand for convenient, complete nutrition continues to grow”.
Source: Danone / New Food / Just Food / The Guardian / Morgan Stanley / Huel / Economic Times
