• Huel and Morgan Stanley Investment Management (MSIM) announce strategic partnership which will see MSIM’s 1GT invest in Huel
  
• Investment recognises Huel’s status as a high-growth brand with industry leading sustainability credentials and a significantly lower carbon footprint than the average meal
  
• MSIM and Huel aim to share insight and expertise as Huel works towards reinforcing its sustainability agenda and continuing its global expansion

London, England - October 31, 2023

Huel, the leading sustainable nutrition brand, is pleased to announce an investment by Morgan Stanley Investment Management’s (MSIM) 1GT climate private equity strategy which will see the two parties work in close collaboration.

Huel, which is the second investment made by 1GT, has been hailed as a best-in-class addition to its portfolio given the strength of Huel’s sustainability commitments and position as a nutritionally complete food. 1GT aims to provide insight and expertise from across the Morgan Stanley business to enhance Huel’s sustainability agenda and capture growth opportunities in the United States and globally.

The 1GT strategy is aligned with Huel’s sustainability commitments as it makes investments in companies that aim to collectively avoid or remove 1 gigaton of carbon dioxide-equivalent emissions from the Earth’s atmosphere from the date of the platform’s investment through 2050, the date by which the United Nations has mandated “Net Zero” must be achieved. Earlier this year, 1GT raised $500m in its first close as innovative products and solutions focused on addressing climate change continue to appeal to investors.

The new partnership with Huel acknowledges the brand’s promising record of embracing sustainability throughout the business whilst achieving excellent growth rates. Since launching in 2015, Huel’s mission has been to make nutritionally complete, convenient and affordable food, with minimal impact on animals and the environment.

Huel reported over £144m ($175m) of revenue in FY22, an increase of 41% on 2021. The business also grew active customers by 22% to over 900k and has now achieved the milestone of 300m meals sold worldwide since Huel was founded, all whilst maintaining its commitment to minimise the environmental and ethical impact of its products. Huel’s FY23 results are set to be announced in November.

Recognising that the food industry contributes more than a quarter of global greenhouse gas emissions, Huel made a deliberate decision to develop products that offer solutions. Huel is committed to all meals being in line with targets to limit global warming to 1.5 degrees, and its meals contribute 50% less carbon footprint than the average US meal. To support this, all Huel products are plant based and ethically sourced. The state-of-the-art carbon net zero manufacturing site in Milton Keynes, UK, set to open next year, and achievement of B Corp certification with a score of 92.1, significantly over the 80 point pass requirement, has further bolstered Huel’s sustainability credentials.

James McMaster, CEO of Huel commented:

“We are delighted to announce this partnership with 1GT, which will further support our growth ambitions, as we continue our global expansion and deliver on our mission. This is a huge vote of confidence in the business and 1GT’s commitment to us demonstrates the significant potential of our brand and the strength of our sustainability credentials. We remain focused on providing our Hueligans with nutritionally complete food and look forward to working closely with the extremely innovative and expert team at 1GT in the coming years.”

Vikram Raju, MSIM’s Head of Climate Private Equity Investing and 1GT commented:

“We are delighted to announce a new partnership with Huel. In recent years, Huel has reinforced its position as a leading brand within the sustainable nutrition sector addressing time-critical carbon issues, exactly the type of company we look to invest in.

Huel has already demonstrated its unique growth potential through impressive revenue growth on resilient margins and strong cash generation. It has also made several unparalleled sustainability commitments which have been reinforced by an excellent B Corp score and a distinctive commitment to changing the carbon footprint of our daily diets.”

About Huel

Launched in 2015 by Julian Hearn, Huel’s mission is to make nutritionally complete, convenient and affordable food, with minimal impact on animals and the environment.

Offering consumers “complete nutrition” means that each Huel meal serves customers the perfect balance of protein, carbs, fibre, essential fats and phytonutrients, plus all 26 essential vitamins and minerals required on a daily basis. Formulated by Registered Nutritionist and Huel Co-Founder, James Collier, Huel is vegan, lactose-free and soya-free.

Huel is available in its original powdered range as well as a ready-to-drink format, a Hot & Savory lunch option, on-the-go snack bars, supplements and a protein powder. All Huel products take less than 5 minutes to prepare and provide an innovative solution perfect for time-poor consumers. Each Huel product has a 6 month+ shelf life which minimises food waste and offers multiple servings to reduce packaging waste.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.4 trillion in assets under management or supervision as of September 30, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, 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.