British nutrition tech company Huel, known for its meal replacement kits, has agreed to be acquired by French food group Danone in a deal worth €1bn (£870m).
Backed by celebrities including Idris Elba and Steven Bartlett, Huel was launched in 2015 by nutritionist James Collier and Julian Hearn.
Huel eventually pulled in millions in investment, securing a valuation of more than £400m in its 2022 funding round that included participation from Elba as well as TV star Jonathan Ross and TALA’s Grace Beverley.
Danone will acquire the group, adding to its portfolio of food brands including Activia, Evian and Actimel.
Hearn will remain the largest shareholder of the company, controlling 47% of Huel.
“Most people don’t get enough protein, fibre, or the right nutrients. That’s the problem Huel exists to solve,” said current Huel chief executive James McMaster.
“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.”
Danone’s chief executive Antoine de Saint-Affrique added: “What they have achieved in the fast-growing complete nutrition space fully resonates with Danone’s mission of delivering health through food.”
Huel has at times come under fire for its marketing efforts, with multiple adverts banned by the Advertising Standards Authority (ASA) over concerns about misleading and unsubstantiated health and cost claims.