Danone today (March 23) announced it has entered into a definitive agreement to acquire Huel, a leading player in complete, nutritionally balanced meal solutions.
In line with its Renew Danone strategy, the acquisition will enhance Danone’s presence in functional nutrition and extend its portfolio into the fast-growing Complete Nutrition space.
Huel’s complementary range, spanning various food forms including ready-to-drink and powders, is supported by best-in-class digital execution, strong digital direct-to-consumer sales and a fan-base in the UK, Europe and the US.
Danone has agreed to acquire Huel for close to £.87 billion ($1.15 billion), two sources close to the matter said, as the French food group expands further into health-focused nutrition.
Danone said earlier it had entered into a definitive agreement to buy the British maker of products ranging from powdered and ready-to-drink meals to high-protein snacks.
The Paris-based company said it would combine Huel's range and digital capabilities with its global reach and nutritional expertise.
Huel’s positioning “fully resonates” with the group’s focus on health through food, as it seeks to build scale in higher-growth categories, Chief Executive Antoine de Saint-Affrique said.
Founded in 2014, Huel sells plant-based meal replacements marketed as nutritionally complete, targeting time-poor and health-conscious consumers through a direct-to-consumer model as its retail presence grows in Europe and the United States.
The deal will allow the brand to expand into new markets using Danone's infrastructure, distribution and research and development capabilities, Huel CEO James McMaster said.
The market for complete nutrition products was estimated to be worth £4.45 billion ($5.9 billion) in 2025, according to Future Market Insights, and projected to have a CAGR of 6.5% over the next 10 years.
Danone is one of the world’s largest food companies, with operations spanning dairy and plant-based products, bottled water and specialised nutrition, and more than 27 billion euros in annual sales.
By comparison, Huel generated £214 million ($284 million) in revenue in 2024, according to its website.
Antoine de Saint-Affrique, Chief Executive Officer of Danone SA, said, "We are delighted to welcome Huel and the Huel team into the Danone family.
"What they have achieved in the fast-growing Complete Nutrition space fully resonates with Danone’s mission of delivering health through food. Combining their range and best-in-class digital capabilities with Danone’s global reach and deep nutritional expertise offers exciting opportunities into the new and fast-growing nutritionally complete space, in line with our Renew Danone strategy.
"We look forward to learning from one another and unlocking new opportunities and growth for both businesses."
James McMaster, Chief Executive Officer of Huel, said, "We are so excited to be joining Danone, and today marks the next step for Huel. We've spent ten years building a brand with a positive impact on people's health.
"We've grown into an omnichannel business with a strong direct-to-consumer foundation, an expanding international footprint, and a retail business that's scaling quickly. At the centre of it all is a loyal customer base. Most people don't get enough protein, fibre, or the right nutrients. That's the problem Huel exists to solve.
"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. We're so proud of what the team has built, and excited about what comes next."