Irish food and nutrition group Glanbia has agreed to buy weight-management brand, SlimFast, for $350m (€303m).

In a statement today, Glanbia, which has 6,600 employees and a presence in 32 countries worldwide, described Slimfast as “a well-established and growing brand with high levels of brand awareness in the US, its largest market.”

SlimFast reported $212m in net sales last year, adjusted EBITDA of $24m and a net loss before tax of $12m. Glanbia plans to operate SlimFast within its Performance Nutrition segment.

Commenting on the deal, 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 deal is expected to close before the end of 2018, subject to completion conditions, agreed closing accounts and regulatory approval.

Source: www.businessworld.ie