The Ireland-based nutrition group signed a deal with private equity firm Kainos Capital to acquire SlimFast.
The Florida-headquartered company produces weight management and health and wellness products such as meal replacement drinks and snacks.
Kainois acquired SlimFast from Unilever in 2014.
Glanbia said that the acquisition complements its existing portfolio which targets lifestyle consumers and that it also plays to growing trends such as snacking.
“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.
“The transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs.”
Last year, SlimFast delivered $212mn net sales, with its largest market being the US.
Glanbia said it plans to operate SimFast within its Performance Nutrition segment.
The transaction also includes SlimFast’s sister company, HNS, and is expected to be completed before the end of the year.