(March 23): Danone SA agreed to buy Huel, a UK maker of fortified protein powders and drinks backed by celebrities, in a push towards the growing health nutrition market.
The deal is subject to regulatory approval, Danone said in a statement on Monday, without providing financial terms. Shares of Danone slipped in early trading in Paris, amid a wider drop in global stocks. They are down about 11% this year.
Danone has been one of the few food companies to benefit from the popularity of weight-loss drugs and a craze for protein, with its high-protein yogurts a standout seller. Huel sells a variety of ready-to-eat drinks that are fortified with essential nutrients including protein, fat and carbohydrates.
Huel’s investors include Steven Bartlett, the entrepreneur and host of The Diary of a CEO podcast. A 2022 funding round — which included actor Idris Elba and Grace Beverley, the founder of athletic leisurewear company Tala — valued Huel at US$560 million ($719.88 million) in 2022, according to investment firm Highland Europe.
The company reported revenue of GBP214 million (US$285 million or $365.04 million) in its 2024 annual report, the latest financial statement on the Companies House website.
Huel’s other products include ready-made “hot and savoury” meals and vegan nutritional bars. It’s mainly known for a direct-to-consumer business model, though its products are also sold in supermarkets.
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Danone’s drinkable nutritional products include Activia yogurt, high-protein YoPRO and Actimel immune support shots. It acquired US medical nutrition company Kate Farms last year, which management has said is growing well.
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