Ireland-based dairy and sports nutrition group Glanbia has agreed to buy SlimFast for US$350m from owners KSF Holdings and HNS Intermediate Corp.
Headquartered in Palm Beach Gardens, Florida, SlimFast counts the US as its largest market and claims to be the number one meal-replacement brand in the UK covering the health and wellness sector. The company generated net sales of $212m in 2017, but delivered a net loss before tax of $12m after “non-recurring supply chain transition costs”.
The deal is expected to close before the end of the year subject to regulatory approvals. Glanbia said in a statement today (11 October) that it will fund the transaction via existing banking facilities, with the purchase to be accretive to earnings per share from 2019.
SlimFast's brands include Healthy Delights and Nu-Therapy, as well as a new Advanced Nutrition range of high-protein, high-fibre, gluten-free meal-replacement shakes and smoothies. It also produces a range of Keto shakes, meal bars and snacks.