The global nutrition group, Glanbia, has acquired SlimFast, a weight-loss company, for $350 million.


The company said that SlimFast will complement its performance-nutrition portfolio and help them target lifestyle consumers and the $8 billion weight-management nutrition market.


Florida-based SlimFast was established in 1977, and makes multiple weight-management and wellness products in the ready-to-drink and ready-to-mix markets, Glanbia said. The company also produces supplement brands such as “Healthy Delights” and “Nu-Therapy,” and a variety of snacks and shakes.


In 2017, it did $212 million in net sales, and had gross assets of $136 million by the end of the fiscal year. Glanbia said it plans to operate SlimFast through its performance-nutrition section.


“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,” said Siobhán Talbot, group managing director of Glanbia.


The deal was announced on Oct. 11 with the owners of KSF Holdings LLP and HNS Intermediate Corporation, who collectively own SlimFast. According to the company, the transaction is expected to close before 2018 is over.


“It plays to global consumer trends focused on convenient formats and snacking,” Talbot said. “The transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs.”