Danone has entered into a definitive agreement to acquire Huel, a leading player in complete, nutritionally balanced meal solutions, from Morgan Stanley’s 1GT private equity platform.

In line with its Renew Danone strategy, Danone says the acquisition will enhance its presence in functional nutrition and extend its portfolio into the fast-growing Complete Nutrition space. Huel’s complementary range, spanning various food forms including ready-to-drink and powders, is supported by digital execution, strong direct-to-consumer sales and a fanbase in the UK, Europe and the U.S.

Combining Huel with Danone’s scale, capabilities and global reach will accelerate growth, innovation and international expansion. Danone says Huel’s mission to make nutritionally complete, convenient, sustainable food aligns closely with its purpose of bringing health through food to as many people as possible.

“We are delighted to welcome Huel and the Huel team into the Danone family,” says Danone SA CEO Antoine de Saint-Affrique. “What they have achieved in the fast-growing Complete Nutrition space fully resonates with Danone’s mission of delivering health through food.”

The transaction remains subject to customary closing conditions, including regulatory approvals.

“We are so excited to be joining Danone, and today marks the next step for Huel,” says Huel CEO James McMaster. “We've spent 10 years building a brand with a positive impact on people's health. We've grown into an omnichannel business with a strong direct-to-consumer foundation, an expanding international footprint, and a retail business that's scaling quickly. At the center of it all is a loyal customer base. Most people don't get enough protein, fiber or the right nutrients. That's the problem Huel exists to solve. With Danone, we will now have the infrastructure, distribution and R&D capability to go further, into new markets and to more people, as demand for convenient, complete nutrition continues to grow. We're so proud of what the team has built, and excited about what comes next.”