Adding Huel to the deal
About the deal
Danone recently acquired Huel in a deal worth £864m, more than double its final equity raise valuation of £402m in 2022. Founded by Julian Hearn in 2014, the nutrition and supplements business saw extraordinary growth over the following decade, capitalising on the health and fitness culture that gained momentum through the late 2010s and spiked during covid lockdowns. Marketing from adjacent markets, such as activewear, home gyms, online fitness classes and running communities all complemented each other and fed growth across the broader health and wellness sector. Post-covid, time scarcity returned as people went back to the office and Huel’s “fast, nutritious, complete food” was perfectly placed for growth.
Now a strong omnichannel business with a hybrid revenue model, Huel’s international growth plans are fuelled by Danone’s global presence and market reach. The acquisition forms part of Danone’s ‘Renew Danone’ strategy, which aims to reset the group’s culture, execution and financial model.
Putting a number on nutrition
Based on Huel’s 2025 figures, Danone secured the business at 47x EBITDA. Fast-growing consumer good brands are often investing heavily in advertising and marketing to support top-line expansion (18% year-on-year growth in Huel’s case), meaning revenue multiples are also a good benchmark for valuations. Huel’s sale price represented 4.0x Revenue – how does this compare to other players in the nutritional and meal supplement food market?
A few months before the Huel deal, Comfort Click, a Kent-based manufacturer of wellness products, was acquired by Zydus Wellness of India for £239m, which represented 1.8x Revenue and 12.6x EBITDA. Whilst Comfort Click’s growth has been impressive, its modest multiple relative to Huel demonstrates the premium attached to businesses with their own brands relative to 3rd party manufacturers and retailers.
Science in Sport ended its unhappy relationship with the public markets in April 2025, when it was acquired by BD-Capital Partners for £82m, a multiple of 1.3x Revenue (41x EBITDA). Despite endorsements for its nutrition products from world-class athletes and teams, the company failed to execute on expectations, its share price suffered, and it ultimately succumbed to the inevitable private equity bid.
Other deals in the sector include Merchant Gourmet, an increasingly familiar healthy, convenient meals brand, which was acquired by Premier Foods for £48m. Whilst we calculate that the trailing EBITDA was 21.4x, on a forward-looking basis, the acquirer believes that synergies will reduce this to a “high single digit”, illustrating the potential for strategic buyers to enhance profitability as well as accelerate sales through their distribution channels.
At the smaller end of the market, Safety Shot, Inc has acquired Yerbaé Brands, a mate-based energy drinks brand. The $19.7m enterprise value pays for $12m of revenue at a healthy gross margin of c50%. Yerbaé’s products align with a variety of dietary choices including Keto, Vegan, Paleo and Gluten-Free.
Not all brands succeed. LA-based Irwin Naturals was a pioneer in soft-gel herbal formulas, but the loss of a key distributor sent the company into Chapter 11 bankruptcy and the assets were acquired in August 2025 by FitLife Brands for $5m upfront and $37.5m deferred. The total consideration represents an EBITDA multiple of less than 6x.
Strategic Fit
The Huel deal aligns with the three pillars of Danone’s Renew strategy and complements other recent acquisitions, including Belgian supplement specialist The Akkermansia Company and US-based Kate Farms, a medical-grade nutrition shake.
While direct competition to Huel exists in the US, from brands such as Soylent, Vybey and the adjacent MyProtein, Danone’s acquisition of Huel firmly establishes the group in the meal supplement market with a recognised and respected name.
To learn more about the deal, the multiples sourced, or the MarktoMarket platform, get in touch with kathryn.stevenson@marktomarket.io
Written by MarktoMarket Marketing Executive, Bradley Evans, and MarktoMarket Commercial Manager, Kathryn Stevenson.
