Kainos Capital has acquired Slim-Fast from Unilever for an undisclosed amount.
Slim-Fast is a branded weight loss and meal replacement business that markets shakes, powders, bars and snacks to retail customers in North America, the U.K. and Ireland. The deal includes the Slim-Fast trademark and business portfolio. Uniliever will retain a minority stake in the business. Terms were not disclosed.
Kainos is adding the group to its portfolio of health and wellness companies, which includes Milk Specialties Global, a whey protein manufacturer, InterHealth Nutraceuticals, which provides specialty nutraceutical ingredients, and Healthy Delights, a supplements companies.
CEO and founder of Healthy Delights, Chris Tisi, will also be CEO of Slim-Fast.
Kainos Capital, headquartered in Dallas, focuses exclusively on middle market food and consumer investments. The firm has invested more than $2 billion in equity in more than 40 deals.
Mark Greene, Andrew Thompson, Christine Varney, Michael Schler, Jordan Traister and Gregory Beaton from Cravath Swaine & Moore LLP provided legal advice to Unilever on the deal.
The nutritional supplements space has been attracting buyer attention lately. Recent deals include MidOcean Partners' minority investment in Nutrabolt, a nutritional supplements company, earlier in July. And Hormel Foods Corp.'s (NYSE: HRL) deal for Muscle Milk, also announced earlier in July.