Huel acquired by Danone
Danone agreed to acquire Huel, a UK complete nutrition / meal replacement brand, on Mar 23, 2026.
Transaction summary
- Target
- Huel
- Acquirer
- Danone
- Seller
- -
- Announced
- 2026-03-23
- Geography
- United Kingdom
- Tags
- complete nutritioncomplete nutrition / meal replacementCPGdirect to consumerFunctional Nutritionmeal replacementplant based nutrition
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-08-08
- Latest update
- 2026-08-09
Value and multiples
100% enterprise value
EUR 1.0B
100% enterprise value | EUR
Basis: Reported / rumored
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
Approx. $1.2B USD using FX date 2026-03-23 at 1.1596 EUR/USD.
EV / revenue
3.5x
Period: Forward 2025
Basis: Estimated
EV / EBITDA
34.8x
EBITDA: normalised / adjusted
Basis: Estimated
Basis
- EV/Revenue = €1,000m / (£250m * 1.1596/0.7524) ≈ 3.5x; EV/EBITDA = €1,000m / (£25m * 1.1596/0.7524) ≈ 34.8x. Sources: https://www.mainsights.io/ma-news/french-consumer-goods-company-danone-publ-acquires-uk-meal-replacement-maker-huel-for-eur-1bn---evebitda-of-336x, https://www.linkedin.com/posts/mynthcapital_danone-just-acquired-huel-for-870m-1b-activity-7442145457906081792-6VPv
Other reviewed estimates
Earlier estimates and their sources.
Source summary
Danone to acquire Huel, extending its portfolio in Functional Nutrition
ConfirmedDanone announced a definitive agreement to acquire Huel, a UK player in complete, nutritionally balanced meal solutions, to expand in functional nutrition. Terms were not disclosed; the deal remains subject to regulatory approvals, and the UK CMA launched a merger inquiry in July 2026.
Open sourceFrench consumer goods company Danone (publ.) acquires UK meal replacement maker Huel for EUR 1bn - EV/EBITDA of 33.6x
EstimatedDanone agreed to acquire Huel for approximately EUR 1bn, implying EV/EBITDA (2025E) of 33.6x. Huel expected to report revenues over GBP 250m for 2025 with EBITDA margin around 10%.
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