Houlihan Lokey Advises Glanbia

Houlihan Lokey is pleased to announce that SlimFast U.S. (SlimFast), a portfolio brand of Glanbia PLC, has been acquired by Heartland Food Products Group (Heartland). The transaction was signed on 16 September 2025 and closed on 22 September 2025.

SlimFast is a leading provider of weight management nutritional solutions with more than 45 years of heritage. The business offers a diverse range of meal replacement products and snacks, which, when used while following the SlimFast plan, are clinically proven to support consumers’ weight management and healthy lifestyle goals. Products are available in multiple formats, including RTD, RTE, and powders, and sold across all key channels—FDMC, online, and specialty.

Glanbia is an Irish-headquartered multinational nutrition company that creates and distributes performance nutrition and lifestyle consumer brands and provides nutritional ingredients to the global food and beverage industry. Glanbia has owned SlimFast since 2018. It was classified as a noncore asset in February 2025, and therefore, it was decided to divest the business.

Heartland is a global leader in the production of low-calorie sweetener products, creamers, beverage concentrates, coffee, and nutritional drinks, based in the U.S. Heartland is on a mission to help people live happier, healthier, and longer lives by making it easier to reduce sugar through its delicious, low-calorie sweeteners. Today, Splenda, a Heartland brand, is the clear top low-calorie sweetener brand in the U.S.

Houlihan Lokey served as an exclusive financial advisor to Glanbia. This transaction underscores Houlihan Lokey’s deep expertise working in the nutrition/better-for-you space following the sale of OWYN to The Simply Good Foods Co., the sale of Volac to Arla, and the partnership between yfood and Nestlé.

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