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 Corp^TM 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

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1GT Portfolio Investment Huel to be Acquired by Danone