Irish food company Glanbia PLC said Oct. 11 that it signed a deal to acquire Slim-Fast for $350 million.

Slim-Fast, a weight management and health and wellness brand that operates in the U.S. and U.K., is co-owned by KSF Holdings LLP and HNS Intermediate Corporation. In 2017 Slim-Fast reported net sales of $212 million, adjusted EBITDA of $24 million and, after nonrecurring supply chain transition costs, a pretax net loss of $12 million, according to a Glanbia press release.

Glanbia intends to operate Slim-Fast through its performance nutrition segment.

"The transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs," said Siobhán Talbot, group managing director of Glanbia.

The deal, subject to customary completion conditions, agreed closing accounts and regulatory approval, is expected to close by the end of 2018.