Global nutrition company Glanbia has agreed a deal to buy weight management brand SlimFast for $350m from Kainos Capital. 

Glanbia is already one of the world's biggest producers of nutritional products like whey protein.

The company said the deal would be fully financed by its available banking facilities and was expected to be completed before the end of this year.

It said it plans to operate SlimFast within its Performance Nutrition segment. 

SlimFast reported $212m in net sales last year, adjusted EBITDA of $24m and a net loss before tax of $12m.

The weight management nutrition market is worth an estimated $8 billion.

"SlimFast is an established and enduring brand and, along with nutritional supplements brands "Healthy Delights" and "Nu-Therapy", complements our existing portfolio targeting lifestyle consumers," commented Glanbia's Group Managing Director Siobhán Talbot. 

"It plays to global consumer trends focused on convenient formats and snacking. The transaction is in line with our strategic ambition to extend the reach of our Glanbia Performance Nutrition portfolio to related consumer needs," Ms Talbot added.