Estimated Control (100%) Announced Transaction verified Complete NutritionComplete Nutrition / Meal ReplacementCPGDirect To ConsumerFunctional NutritionMeal Replacement

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

EUR 1.0bn enterprise value is treated as a reported or rumored figure, not a company-disclosed valuation.
Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
EV / revenue: 3.5x.
Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
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

Transaction comps can involve reported or estimated figures from different sources. FundComb uses the values above as the current canonical comp, while preserving prior reviewed estimates below for context.

Huel FY2024 accounts and Drew Fallon / Making Cents review

Revenue GBP 214m | EBITDA GBP 18.2m | EV / revenue 4.07x | EV / EBITDA 47.8x

Open evidence

Source summary

Danone to acquire Huel, extending its portfolio in Functional Nutrition

Confirmed

Danone 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 source

French consumer goods company Danone (publ.) acquires UK meal replacement maker Huel for EUR 1bn - EV/EBITDA of 33.6x

Estimated

Danone 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%.

Open source

Huel FY2024 accounts and Drew Fallon / Making Cents review

Estimated

target: Huel; acquirer: Danone; date: 2026-03-23; currency: GBP; revenue: 214000000; ebitda: 18200000; revenue_multiple: 4.07x; ebitda_multiple: 47.8x; metric_period: FY2024 historical; multiple_basis: Reported EUR 1bn value converted to GBP at 0.87 / FY2024 revenue and adjusted EBITDA; source_url: https://www.foodnavigator.com/Article/2026/03/23/danones-1bn-huel-deal-why-the-multinational-is-betting-big-on-meal-replacements/

Open source