Freshfields and Pinsents lead as Huel sold to Danone in €1bn deal

Freshfields and Pinsent Masons have landed lead roles on Danone’s €1 billion acquisition of UK nutrition brand Huel.

Freshfields is advising French food and drink giant Danone, while Pinsent Masons is acting for Huel, its founder Julian Hearn, key investors and management.

The deal will see Hearn reportedly make around £400 million from the sale.

From startup to €1bn exit

Founded in 2015, Huel built its brand around plant-based powders and meal replacements sold directly to consumers online. It has since expanded into snacks and ready-to-drink products, with distribution now reaching more than 25,000 stores globally.

The company generates around £250 million in annual revenue and counts London venture capital firm Highland Europe and Morgan Stanley among its major backers. Its 2022 Series B valued the business at £440 million, a figure it doubled in the sale to Danone.

For Danone - whose portfolio includes brands such as Activia and Evian - the acquisition marks a move deeper into health-focused and functional nutrition products.

Advising

Freshfields is fielding a London team led by corporate partners Sundeep Kapila and Andy Robinson, with support from tax partner Peter Clements, people and reward partner David Mendel and IP and commercial partner Giles Pratt.

Pinsent Masons is advising Huel and its shareholders, with the team led by Tom Leman, head of retail and consumer, and corporate partner Ben Elliott. The firm also advised on tax, employee incentives and competition aspects of the deal.

Pinsents has acted for Huel since 2018, supporting the business through its growth from startup to exit.