Splenda owner Heartland Food Products Group has acquired the rights to the SlimFast brand in North America from Irish food ingredients group Glanbia.
The financial terms of the transaction remain undisclosed.
Heartland is known for producing the Splenda branded low-calorie sweeteners, along with drink mixes, coffee and nutritional beverages.
In a statement, Glanbia said the deal relates to the sale of SlimFast in the US and "certain other jurisdictions".
A Glanbia spokesperson told Just Drinks the other territories are Canada and Mexico.
It added: "A process is ongoing for the sale of SlimFast in remaining jurisdictions."
Glanbia, which acquired SlimFast in 2018 for $350m, classified as "non-core" asset by Glanbia in February.
At that time, Glanbia said: “As part of its portfolio review and to ensure the group can focus on high-growth opportunities, the group has evaluated the role of its Benelux direct-to-consumer e-commerce business, Body & Fit and its weight management brand SlimFast, making the decision to exit both businesses.
Glanbia said SlimFast "performed strongly in its initial years" but added "consumer behaviours around weight loss" had changed since Covid-19 with more interest in high-protein products.
In August, Glanbia revealed plans to sell its Body & Fit sports-nutrition business, though the buyer remains unnamed.
In a separate statement announcing the deal, Ted Gelov, Heartland's chairman and CEO, said: “The addition of SlimFast to the Heartland family, alongside our Splenda brand, reinforces our commitment to helping consumers live healthier, more balanced lives.
“Both brands share a common purpose, empowering people to make better choices without sacrificing taste or enjoyment. Together, we can deliver trusted solutions in weight management and sugar reduction, two of the biggest consumer needs shaping the future of nutrition.”
Body & Fit, headquartered in the Netherlands, was part of Glanbia's Performance Nutrition (PN) unit, which also oversees the SlimFast and Optimum Nutrition brands.
For the six months to 5 July, revenue in Glanbia’s Performance Nutrition unit declined 3.8% on a constant-currency basis to $850m, with volumes down 3.5% and pricing slightly lower.
When excluding SlimFast and Body & Fit, revenue fell 1.5%.
Optimum Nutrition contributed 67% of the division’s revenue, though performance slipped 0.5% in the period.
The company noted the brand returned to revenue growth during the second quarter.
Across the group, Glanbia reported a 6.1% increase in revenue to $1.93bn for the first half of the year.
Volumes were up 0.9% but EBITDA before exceptional items declined 7.5% to $241.3m.
Adjusted earnings per share were down 7.5% in constant-currency terms to $63.03.
Profit attributable to equity holders stood at $99.4m, against $143.3m in the first half of 2024.
Beyond the Performance Nutrition segment, Glanbia operates Health and Nutrition and Dairy Nutrition divisions, focusing primarily on ingredients for food and beverages, as well as cheese production.
