Global nutrition group Glanbia is acquiring SlimFast and other brands from KSF Holdings and HNS Intermediate Corporation for $350 million.
SlimFast is an iconic weight management and health and wellness brand distributed primarily in the food, drug, mass and club (FDMC) channel in the UK and the US (its largest market).
In 2017 SlimFast delivered $212 million net sales, adjusted EBITDA of $24 million and, after non-recurring supply chain transition costs, a net loss before tax of $12 million.
The gross assets of SlimFast at its 2017 financial year end were $136 million. Glanbia said it plans to operate SlimFast within its Performance Nutrition segment.
Siobhán Talbot, Group Managing Director of Glanbia, said: “I am pleased to announce that we have agreed to acquire SlimFast, a leading consumer brand in the $8 billion weight management nutrition market, an adjacency to the Glanbia Performance Nutrition brand portfolio.
SlimFast is an established and enduring brand and, along with nutritional supplements brands “Healthy Delights” and “Nu-Therapy”, complements our existing portfolio targeting lifestyle consumers.
“It plays to global consumer trends focused on convenient formats and snacking. The transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs.”
The deal is expected to close before the end of the year.