Danone has agreed to buy Huel, the UK-based maker of plant-based meal-replacement powders, protein shakes and snack bars, for close to €1bn, according to multiple reports. Reuters put the figure at just under $1.15bn, while the Wall Street Journal cited $1.2bn, reflecting currency fluctuations at the time of reporting.
The acquisition pushes Danone deeper into what it calls the "complete nutrition" market, a segment drawing sustained consumer interest as demand shifts toward high-protein and fortified functional foods. Huel, founded by Julian Hearn, started as a direct-to-consumer business selling powders online before expanding its retail footprint to more than 25,000 stores across more than 80 countries.
The deal hands a substantial payday to Hearn and to celebrity investors including actor Idris Elba and television presenter Jonathan Ross, both of whom hold stakes in the company, according to the Guardian.
For Danone, the acquisition extends a strategy of rotating its portfolio toward faster-growing health and nutrition categories, away from legacy dairy and early-life nutrition businesses that have faced persistent volume pressure. Huel's plant-based positioning and direct-to-consumer heritage also bring digital distribution capabilities that the larger group has sought to develop.
No financing details or expected close date were disclosed in initial reports.
