Glanbia is to acquire weight management and health & wellness brand SlimFast for $350 million.

In 2017 SlimFast delivered $212 million net sales, adjusted EBITDA (before non-recurring costs) 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 plans to operate SlimFast within its Performance Nutrition segment.

“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,” said Siobhán Talbot, Group Managing Director of Glanbia. “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.”

It is anticipated that the transaction will close before the end of 2018 subject to the customary completion conditions, agreed closing accounts and regulatory approval.