Danone acquires protein shake maker Huel in EUR1b deal
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The news: French consumer goods company Danone agreed to acquire UK meal-replacement producer Huel as it pushes into the health nutrition market.
The numbers: While the companies did not disclose financial terms of the deal, a person close to the transaction told the Financial Times that Danone paid around EUR1 billion ($1.65 billion) for the company.
The context: Known for its protein shakes, Huel targets a health-conscious younger generation of consumers and is backed by celebrities including The Diary of a CEO podcast host Steven Bartlett and actor Idris Elba.
Danone, which produces Activia yoghurt and Evian water, is capitalising on the functional nutrition trend which increasingly features supplements and drinks fortified with vitamins.
A press release on the deal says that Huel’s range of products are supported by best-in-class digital execution, strong digital direct-to-consumer sales and a fan-base in the UK, Europe and the US.
Law firm Pinsent Masons said it advised its longstanding client Huel on the landmark transaction.
The deal remains subject to regulatory approval.
What they said: Antoine de Saint-Affrique, CEO of Danone, said: “what they [Huel] have achieved in the fast-growing Complete Nutrition space fully resonates with Danone’s mission of delivering health through food…We look forward to learning from one another and unlocking new opportunities and growth for both businesses.”
The sources: Danone press release, FT
