Glanbia acquires SlimFast in £265m deal
The agreement includes a number of SlimFast’s nutritional supplement brands, including Healthy Delights and Nu-Therapy. The majority of the SlimFast business is based in the US, with just 60 employees located in the UK.
A spokeswoman for Glanbia told Food Manufacture: “The UK business will continue as normal and there are no manufacturing operations in the UK.”
SlimFast’s major markets are the UK and the US, where it is distributed primarily in the food, drug, mass and club channel. In 2017, the company chalked up $212m (£160.6m) in net revenue, but suffered a pre-tax loss of $12m (£9.1m) as a result of one-off supply chain costs. Its gross assets were valued at $136m (£103.1m).
“I am pleased to announce that we have agreed to acquire SlimFast, a leading consumer brand in the $8bn weight management nutrition market, an adjacency to the Glanbia Performance Nutrition brand portfolio,” said Siobhán Talbot, group managing dfirector of Glanbia.
‘Convenient formats and snacking’
“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 be finalised before the end of 2018, subject to the usual condition and regulatory approval.
Glanbia said SlimFast had a strong position in ready-to-drink and ready-to-mix powder products and a new Advanced Nutrition range including high-protein, high-fibre, gluten-free meal replacement shakes and smoothies.
