Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.
plant-basedmedical
Products or ingredients made primarily from plants instead of animals, including foods, beverages, materials and personal-care items; think of them as the plant version of traditional animal-based goods, like a burger made from peas rather than beef. Investors care because growing consumer demand, supply costs, labeling rules and sustainability claims can change sales, margins and regulatory risk, making "plant-based" a meaningful business and market signal.
sustainability impacttechnical
Sustainability impact measures how a company’s activities and products affect the environment, people and long-term resource availability — for example its greenhouse gas emissions, waste, labor conditions and effects on local communities. Investors watch this because those effects can change costs, legal exposure and reputation over time; like a car’s fuel efficiency altering running costs, a positive sustainability impact can reduce long-term risk and improve financial resilience, while negative impacts can lead to fines, lost customers or higher expenses.
functional nutritionmedical
A personalized approach to diet and supplements that aims to prevent or manage health problems by addressing how an individual’s body responds to specific foods, nutrients, and lifestyle factors. It matters to investors because it drives demand for tailored products, testing services and digital coaching—like a custom wardrobe versus one-size-fits-all clothing—creating growth opportunities but also exposing companies to regulation and shifting consumer trends.
direct-to-consumerfinancial
A direct-to-consumer (DTC) model is when a company sells its products or services straight to customers, skipping middlemen like retailers or wholesalers. For investors, DTC matters because it can mean higher profit margins, closer customer relationships and faster feedback—like a baker who sells directly from the shop instead of through a grocery chain—while also exposing the business to costs for marketing, customer support and logistics that affect growth and profitability.
regulatory approvalsregulatory
Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.
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NEW YORK--(BUSINESS WIRE)--
Morgan Stanley Investment Management announced today that Huel, one of the first investments made by the 1GT climate private equity strategy, has entered into a definitive agreement to be acquired by Danone, a world-leading food and beverage company.
Huel’s range of plant-based drinks and meals has made it a global leader in sustainable nutrition in a variety of accessible options. Since 1GT’s investment in 2023, Huel has delivered substantial organic growth, including significant progress in its U.S. expansion and continued innovation across its product suite.
Vikram Raju, MSIM’s Head of Climate Private Equity Investing and 1GT platform, commented: “1GT is proud to have played a role in Julian Hearn's compelling vision to revolutionize meals and address the carbon signature of the food ecosystem. We are also grateful for the partnership with CEO James McMaster, his team and Highland Capital as the company made tangible progress in tracking and quantifying its sustainability impact while broadening its appeal to a global customer base. This announcement represents a compelling example of 1GT’s focus on backing businesses where strong commercial performance and positive carbon impact go hand in hand. We look forward to seeing Huel's continued success as part of the distinctive Danone platform."
In line with its Renew Danone strategy, the acquisition will enhance Danone’s 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 best-in-class digital execution, strong digital direct-to-consumer sales, and a fan-base in the UK, Europe and the United States.
The transaction remains subject to customary closing conditions, including regulatory approvals.
About Huel
Huel is a global leader in complete, nutritionally balanced meals, offering a broad range of products including powders, ready‑to‑drink shakes, Hot & Savory meals, nutrition bars, supergreens and functional beverages. Built on a science‑driven formulation approach, all Huel products provide essential macronutrients and micronutrients in convenient, plant‑based formats. With a predominantly direct‑to‑consumer model and best‑in‑class digital capabilities, Huel has developed a highly engaged community and strong brand advocacy. Its portfolio is designed to deliver sustainable, accessible nutrition that supports modern, active lifestyles.
About Danone
Danone is a leading global food and beverage company operating in three health-focused, fast-growing and on-trend Categories: Essential Dairy & Plant-Based products, Waters and Specialized Nutrition. With a long-standing mission of bringing health through food to as many people as possible, Danone aims to inspire healthier and more sustainable eating and drinking practices while committing to achieve measurable nutritional, social, societal and environmental impact. Danone has defined its Renew strategy to restore growth, competitiveness, and value creation for the long-term. With c.90,000 employees, and products sold in over 120 markets, Danone generated €27.3 billion in sales in 2025. Danone’s portfolio includes leading international brands (Actimel, Activia, Alpro, Aptamil, Danette, Danio, Danonino, evian, Nutricia, Nutrilon, Volvic, among others) as well as strong local and regional brands (including AQUA, Blédina, Bonafont, Cow & Gate, Mizone, Oikos and Silk). Listed on Euronext Paris and present on the OTCQX platform via an ADR (American Depositary Receipt) program, Danone is a component stock of leading sustainability indexes including the ones managed by Moody’s and Sustainalytics, as well as MSCI ESG Indexes, FTSE4Good Index Series, Bloomberg Gender Equality Index, and Access to Nutrition Index. Danone achieved B CorpTM certification at global level in 2025.
About Morgan Stanley Climate Private Equity
Morgan Stanley Climate Private Equity manages 1GT, a strategy that invests in growth companies delivering innovative climate solutions that meaningfully decarbonize the global economy. The strategy is focused on scaling opportunities in the Power, Mobility, Food & Agriculture, and Circularity themes across North America and Europe, with an emphasis on driving significant organic growth by leveraging the global breadth of Morgan Stanley capabilities. For further information, please visit https://www.morganstanley.com/im/1gt
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.9 trillion in assets under management or supervision as of December 31, 2025. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit https://www.morganstanley.com/im
