Supreme has announced the acquisition of the trade and selected UK and European assets of SlimFast, the well-known provider of high protein foods and meal replacement products, for a total cash consideration of £20.1m. SlimFast is acquired from the Irish food and nutrition specialist Glanbia PLC (glanbia.com, market cap. €3.5bn) inclusive of £9.0m in deferred consideration due in 15 months, funded through a combination of cash resources and the asset-based lending facility. The acquisition is expected to be immediately earnings-enhancing. Founded in 1977 in the US, SlimFast is well-known for its range of meal replacement shakes, bars and snacks, and weight loss plans, with brand strength in ready-to-drink and ready-to-mix powder products, and its ‘Advanced Nutrition’ range of high-protein, high-fibre, gluten-free meal replacement shakes and smoothies. This latest acquisition is fully aligned with Supreme’s M&A strategy, incorporating established brands and products into an expanding portfolio of high-frequency consumable products. The acquisition matches Supreme’s customer base with the opportunity to introduce SlimFast’s products across Supreme’s extensive retail network, whilst the addition of new retail customers including Boots and Superdrug further expands Supreme's retail reach, with the opportunity to expand SlimFast product sales globally. The acquisition is expected to be immediately earnings-enhancing and we estimate that SlimFast adds £10.0m in revenue in FY26, and £1.0m in (adj.) EBITDA, and in FY27, respectively £28.0m and £2.4m. Our Fair Value is accordingly raised from 225p/share to 237p/share.