Steven Bartlett-backed British meal supplement maker Huel is being sold to Danone in a €1bn (£864m) deal.
Founded in Buckinghamshire in 2014, Huel is probably best known for its shake powder, which it says is a nutritionally complete replacement for a regular meal, although its range also includes ready meals, nutrition bars, and health drinks, all of which are plant based.
Bartlett was appointed as a non-exec director of Huel in 2021, while his Flight Story business is a shareholder in Huel. Other celebrity investors in the brand include actor and bookies’ James Bond contender Idris Elba and broadcaster Jonathan Ross.
The company has had precvous run ins with the UK advertising watchdog, which has penalised some of its adverts, including a campaign featuring Bartlett, for “misleading” audiences.
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In the case of the Bartlett ads, The Advertising Standards Authority (ASA) found that Facebook adverts in which the Dragon’s Den and Diary of a CEO star endorsed Huel, and a second brand in which he had a stake, health testing and membership service Zoe, which advises users on changing their diets, had “omitted material information” about their links to the Dragon’s Den star, Social Chain founder and Diary of a CEO host.
Seperately, another censured Huel advert advert made “misleading” claims about the cost savings associated with replacing a normal diet with meal replacement shakes, the watchdog said.
Huel (a portmanteau of “human” and “fuel”) products are mostly sold D2C, with some sales from shops and supermarkets, although the Danone deal seems likely to see it grow its retail operation and expand into new markets.
The market for so-called complete nutrition products, aimed at time-poor, health-conscious consumers, is thought to be worth around $5.9bn (£4.4bn), although some experts question the effectiveness of replacing meals with nutritionally rich drinks.
The deal is subject to closing conditions including regulatory approval.
“Huel’s mission to make nutritionally complete, convenient, sustainable food, aligns closely with Danone’s purpose of bringing health through food to as many people as possible,” the company said in a statement.
Danone chief executive Antoine de Saint-Affrique also highlighted the British company’s “best in class digital capabilities” – it is a social media favourite and regular on the podcast circuit.
James McMaster, Huel’s chief executive, said: “Most people don’t get enough protein, fibre, or the right nutrients. That’s the problem Huel exists to solve.
“With Danone, we will now have the infrastructure, distribution and R&D (research and development) capability to go further, into new markets and to more people.”
Danone-branded products include Actimel, Activia and Alpro yoghurt drinks, baby formula and follow-on milk, from the Aptamil and Cow and Gate brands, and mineral waters Evian and Volvic.
Image: Huel.com
