Glanbia plc, the Better Nutrition company, has signed an agreement to sell SlimFast US and certain other jurisdictions, subject to customary closing conditions, to the US-based consumer-packaged goods firm for an undisclosed sum.
Based outside of Indianapolis, Heartland Food Products Group manufacturers leading US sweetener brand Splenda, and produces a range of low and no-calorie sweeteners, drink mixes, coffee and nutritional beverages.
“The addition of SlimFast to the Heartland family, alongside our Splenda Brand reinforces our commitment to helping consumers live heathier, more balanced lives,” said Ted Gelov, Heartland chairman and CEO.
“Both brands share a common purpose, empowering people to make better choices without sacrificing taste or enjoyment. Together, we can deliver trusted solutions in weight management and sugar reduction, two of the biggest consumer needs shaping the future of nutrition.”
Glanbia acquired SlimFast from KSF Holdings LLP and HNS Intermediate Corporation in 2018 for $350 million as an adjacency to its performance nutrition brand portfolio.
The business announced its intention to sell the brand earlier this year as a result of underperformance. Whilst it SlimFast had seen strong sales in its initial years, Glanbia says the weight management category and consumer behaviours around weight loss have changed since the Covid-19 pandemic, prompting a shift towards alternatives including high protein products and other solutions.
In a statement, Glanbia said: “As part of its portfolio review and to ensure the Group can focus on high-growth opportunities, the Group has evaluated the role of its Benelux Direct-to-Consumer e-commerce business, Body & Fit, and its weight management brand SlimFast, making the decision to exit both businesses. The Group continues to evaluate its broader portfolio with a focus on delivering sustainable and profitable growth.
“It has right sized its investment for the SlimFast brand in recent years. In 2024, SlimFast represented less than 7% of Glanbia’s branded portfolio.
“Strategically, the business sharpening focus and investment on the brands with the greatest potential to grow. As a result of this, we have made the decision to exit the SlimFast brand.”
The process to sell the rest of SlimFast, including the UK division, is ongoing.
