Danone has agreed to acquire Huel for close to €1 billion, two sources close to the matter said today, 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 US.
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 $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 in annual sales.
By comparison, Huel generated £214m in revenue in 2024, according to its website.
Danone declined to comment on Huel's price tag.
