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Glanbia plc has agreed to acquire SlimFast and other brands from Kainos Capital (Dallas, TX), the parent company of KSF Holdings LLP and SlimFast sister company HNS Intermediate Corporation, for $350 million.
Glanbia plc has agreed to acquire SlimFast and other brands from Kainos Capital (Dallas, TX), the parent company of KSF Holdings LLP and SlimFast sister company HNS Intermediate Corporation, for $350 million. Kainos originally acquired SlimFast from Unilever in 2017. With products distributed primarily in the food, drug, mass market, and club channels in both the United States and United Kingdom, in 2017 the company delivered $212 million in net sales, adjusted earnings before interest, tax, depreciation and amortization of $24 million, and after non-recurring supply chain costs, a net loss of $12 million. SlimFast’s gross assets at the end of the 2017 financial year were $136 million.
“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. 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 SiobhÃ¡n Talbot, group managing director of Glanbia, in a press release. “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.”
Reflecting on the growth of SlimFast under the ownership of Kainos, Kainos managing partner Andrew Rosen said in a press release, “Our acquisition of SlimFast came with no employees or systems. Behind the leadership of CEO Chris Tisi, who we partnered with when we invested in his company HNS in 2014, we quickly built a 60-plus person team in the U.S. and the UK. This team, combined with our own internal resources, did a great job revitalizing what was an orphan brand within a large multinational company. SlimFast is positioned to continue its great success as a part of Glanbia.”
The transaction is expected to be completed by the end of 2018.