Glanbia sells SlimFast UK in €23m deal

SlimFast UK, Ireland and certain other European jurisdictions sold to Supreme

Glanbia has completed the sale of SlimFast to consumer goods firm Supreme in a deal worth £20.1m (€23m). 

Glanbia has completed the sale of SlimFast UK and Ireland to consumer goods firm Supreme in a deal worth £20.1m (€23m). 

In September, Glanbia sold the rights of SlimFast in the US and certain other jurisdictions to Heartland Food Products Group, the manufacturer of the Splenda sweetener brand. Now it has sold SlimFast UK, Ireland, and certain other jurisdictions to Supreme, an AIM-listed manufacturer and supplier. 

“SlimFast is one of the most recognised and well-established names in nutrition. We’re excited to bring fresh energy to this iconic brand and reposition it for the next generation," Supreme chief executive Sandy Chadha said. “There are huge opportunities to revitalise this brand and ensure it remains a key player in the rapidly growing health and wellness market."

Founded in 1977 in the US, SlimFast is known for its meal replacement shakes, bars, snacks, and weight loss plans. Glanbia bought Slimfast from KSF Holdings and HNS Intermediate Corporation in 2018 in a deal worth around $350m (€300m). But the Irish company confirmed earlier this year plans to shed its meal replacement brand after years of struggling sales.

In 2024, SlimFast's UK and European assets reported revenue of £25.5m (€29.3m) and adjusted gross profit of £9.7m (€11.1m).

Supreme supplies products across three operating divisions: vaping, drinks and wellness, and electricals and household. The rise of prescription weight loss drugs like Ozempic and Wegovy has seen a shift in the weight loss and nutrition industry but SlimFast's new owners see this as an opportunity for the product. "Supreme believes that SlimFast is ideally placed to capitalise on the growing demand for GLP-1 products, which require nutrition and protein supplementation both during treatment and as an ideal 'follow-on'," the company said in a statement.

Supreme’s strategy has seen it acquire, modernise, and scale heritage brands, including Typhoo Tea, 1001 Carpet & Upholstery Cleaner, and Red Mountain Coffee. Group revenues was £221m in 2024.