Glanbia Expands Its Performance Nutrition segment

Glanbia plc, the global nutrition group, has signed an agreement to buy SlimFast brand for USD350m. SlimFast is a leading weight management and health and wellness brand family distributed primarily in the food, drug, mass, and club (FDMC) channel in the US and UK. It is a well-established and growing brand with high levels of brand awareness in the US, its largest market. In 2017 SlimFast delivered USD212m net sales, adjusted EBITDA (before non-recurring costs) of USD24m and, after non-recurring supply chain transition costs, a net loss before tax of USD12m. The gross assets of SlimFast at its 2017 financial year end were USD136m. Glanbia plans to operate SlimFast within its Performance Nutrition segment.

Siobhán Talbot (pictured), group managing director of Glanbia, said: “I am pleased to announce that we have agreed to acquire SlimFast, a leading consumer brand in the USD8bn 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 transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs.”

It is anticipated that the transaction will close before the end of 2018 subject to the customary completion conditions.