Glanbia Announces €350m Acquisition Of US SlimFast
Glanbia plc, the Irish-based global nutrition group, has signed an agreement to acquire SlimFast for $350 million.
SlimFast is a leading weight management and health & wellness brand family distributed primarily in the food, drug, mass, and club (FDMC) channel in the US and UK, co-owned by KSF Holdings LLP and HNS Intermediate Corporation.
Last year the American group achieved net sales of $212 million, with gross assets of $136 million by the end of 2017.
Glanbia said that it plans to operate SlimFast within its Performance Nutrition segment.
Health & Wellness
SlimFast already has an established foothold in both ready to drink (RTD) and ready to mix (RTM) powder formats, as well as its new Advanced Nutrition range, which includes high-protein, high fibre, gluten free meal replacement shakes and smoothies.
“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,” said Siobhán Talbot, group managing director of Glanbia.
“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 transaction is expected to close before the end of 2018, subject to the customary completion conditions, agreed closing accounts and regulatory approval.
Glanbia said that the deal will be fully financed from its available banking facilities, and it is expected to be accretive to earnings per share from 2019 onwards.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.