Supreme buys SlimFast UK & Europe from Glanbia for PS20 million

Supreme PLC on Monday announced the acquisition of SlimFast UK & Europe from Glanbia PLC, a Kilkenny, Ireland-based sports nutrition company.

The Manchester, England-based consumer products distributor sells batteries, lighting, vapes, sports nutrition and wellness products as well as soft drinks.

Supreme said SlimFast, bought for £20.1 million, is ‘highly complementary’ to its existing Drinks & Wellness category.

The £20.1 million sum includes a £9.0 million deferred consideration due in 15 months’ time.

Supreme expects the acquisition to be immediately earnings enhancing.

Supreme Chief Executive Officer Sandy Chadha said: ‘We are excited to have acquired such an iconic brand in SlimFast, which we believe is highly complementary to our existing Drinks & Wellness category. Under our ownership and track record for product innovation, we believe the commercial opportunities to both enhance and broaden SlimFast’s market presence makes it an ideal addition to our business.’

Back in September, Glanbia had announced an agreement to sell SlimFast US and ‘certain other jurisdictions’ to Heartland Food Products Group LLC.

Supreme shares rose 5.1% to 165.00 pence each on Monday morning in London, while Glanbia shares were down 0.7% at €14.60 each.

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