Danone to acquire Huel for about $1.2 billion, expands nutrition push

Danone has moved to put a fast-growing protein and meal-replacement brand at the center of its nutrition strategy, agreeing to acquire Huel in a deal valued at about €1 billion, or roughly $1.15 billion to $1.2 billion. The transaction signals how far protein has traveled from niche wellness territory into mainstream corporate M&A, with a legacy dairy group reaching for a digitally native brand built around convenience, high protein and direct online sales.

The French company said on March 23, 2026, that it had entered into a definitive agreement to buy Huel and that the deal would expand its presence in functional nutrition and Complete Nutrition. Danone said the transaction remained subject to customary closing conditions, including regulatory approvals. Antoine de Saint-Affrique, Danone’s chief executive, said Huel’s work in Complete Nutrition “fully resonates” with Danone’s mission of delivering health through food, adding that Huel’s range and digital capabilities combined with Danone’s global reach and nutritional expertise would create new growth opportunities.

Huel brings Danone a brand that was built for the online era. Founded in 2015 by Julian Hearn and nutritionist James Collier, Huel stands for Human Fuel and began as a direct-to-consumer business selling plant-based powdered meals online. It later widened into ready-to-drink products, powders, bars, hot meals and other functional foods. Danone said that digital-first model, along with a strong fan base in the UK, Europe and the United States, made Huel a fit for its push beyond traditional dairy and bottled water into higher-growth nutrition categories.

The numbers help explain the appeal. Huel generated £214 million in revenue in the fiscal year ended July 31, 2024, and a Reuters-cited source said 2025 revenue was expected to top £250 million. One reported estimate put Huel’s EBITDA margin at around 10 percent. For Danone, which already owns brands including Activia, Evian, Alpro and Aptamil, the deal offers a quicker route into convenient, high-protein meal solutions than building that capability from scratch.

It may also reflect a broader truth about the category: consumers are buying easy protein, and incumbents are buying growth they did not create internally. James McMaster, Huel’s chief executive, said the acquisition marked the next step for the company after a decade of building a health-focused brand. If the deal closes, it could deliver a major payday for founder Julian Hearn and early backers, including Idris Elba and Jonathan Ross, while giving Danone a sharper foothold in e-commerce and omnichannel nutrition.