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Glanbia agrees to acquire SlimFast for $350m logo 11/10/2018 Ellie Donnelly
Siobhan Talbot © Provided by Irish Independent Siobhan Talbot

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

SlimFast is a weight management and health and wellness brand, distributed primarily in the food, drug, mass and club (FDMC) channel in the United States and UK.

In a statement today Glanbia described SlimFast as "a well-established and growing brand" with high levels of brand awareness in the US, its largest market.

In 2017, SlimFast delivered $212m (€184m) net sales.

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It's adjusted earnings before interest, taxation, depreciation and amortisation were $24m, and, after non-recurring supply chain transition costs, resulted in a net loss before tax of $12m.

The gross assets of SlimFast at its 2017 financial year end were $136m (€118m).

Commenting on the Transaction, Siobhán Talbot, MD of Glanbia said she was "pleased" with the acquisition.

"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 weight management nutrition market is worth around $8bn.

Glanbia plans to operate SlimFast within its performance nutrition segment.

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