Dynamic Diet Duo? Splenda Parent To Acquire SlimFast

Heartland Food Products Group, manufacturer of Splenda brand low-calorie sweetener and drink mixes, has acquired SlimFast’s U.S. operations from nutrition supplement maker Glanbia. Financial terms of the transaction were not disclosed.

Glanbia, which acquired SlimFast for $350 million in 2018, announced plans earlier this year to sell the business after recording a non-cash impairment charge of $91.4 million in its 2024 financial results to reflect the brand’s struggles amid “continuing challenges in the diet category.”

For decades, SlimFast was a leading brand in the multibillion dollar weight loss industry, slinging meal replacement shakes, snacks, packaged meals and more to calorie-conscious consumers.

In 2000, Unilever bought the company for $2.4 billion, then sold it to Kainos Capital in 2014 for a slimmed-down valuation, according to The Irish Times.

After Glanbia acquired it from Kainos four years later, promising a turnaround of the business, sales seemed to stabilize for a bit. The pandemic delivered a crushing blow to the company, and the brand has since faltered in the face of Ozempic and similar appetite-suppressing medications transforming the diet market.

Heartland Food Products Group, a contract manufacturer based in Indiana, acquired Splenda from Johnson & Johnson in 2015 and has since expanded the portfolio to include stevia, monk fruit and allulose sweeteners under the brand name in addition to coffee creamers, sweet teas and diabetes care shakes.

“The addition of SlimFast to the Heartland family, alongside our Splenda brand, reinforces our commitment to helping consumers live healthier, more balanced lives,” said Ted Gelov, Heartland chairman and CEO, in a statement. “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.”