Glanbia announced that it has completed the off-loading of its SlimFast brand with the sale of the UK, Ireland and certain other jurisdictions business to UK-based Supreme Plc for $27m (€23.2m).
The agreed sale price includes $12m (€10.4m) of deferred consideration due in 15 months’ time.
Supreme said that the acquisition is fully aligned with the company’s ongoing mergers and acquisitions strategy and will be immediately earnings enhancing. The company said that it plans to move the manufacture of all SlimFast powder products in-house.
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Supreme is a large-scale wholesale distribution company supplying a wide range of items to UK and European retailers as well as a manufacturer of health and wellness, vaping and drinks products.
For Glanbia, the sale of the last vestige of the SlimFast marks the end of an investment which has failed to perform for the company in recent years. Glanbia took a write down on the value of the SlimFast US business of $91.4m(€77.2m) in its most recent annual report. The company announced the sale of that US business in September for an undisclosed sum.
The Glanbia announcement of the sale of the UK and Ireland business published on Monday, which ran to only 63 words, contained no statement from CEO Hugh McGuire on the transaction.
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Glanbia announced that it has completed the off-loading of its SlimFast brand with the sale of the UK, Ireland and certain other jurisdictions business to UK-based Supreme Plc for $27m (€23.2m).
The agreed sale price includes $12m (€10.4m) of deferred consideration due in 15 months’ time.
Supreme said that the acquisition is fully aligned with the company’s ongoing mergers and acquisitions strategy and will be immediately earnings enhancing. The company said that it plans to move the manufacture of all SlimFast powder products in-house.
Supreme is a large-scale wholesale distribution company supplying a wide range of items to UK and European retailers as well as a manufacturer of health and wellness, vaping and drinks products.
For Glanbia, the sale of the last vestige of the SlimFast marks the end of an investment which has failed to perform for the company in recent years. Glanbia took a write down on the value of the SlimFast US business of $91.4m(€77.2m) in its most recent annual report. The company announced the sale of that US business in September for an undisclosed sum.
The Glanbia announcement of the sale of the UK and Ireland business published on Monday, which ran to only 63 words, contained no statement from CEO Hugh McGuire on the transaction.
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