UK/NETHERLANDS: Unilever sells Slim-Fast to PE firm Kainos Capital
Slim-Fast latest food brand to be sold by Unilever
The transaction includes the Slim-Fast trademark and the global Slim-Fast business portfolio. Slim-Fast is sold throughout North America, the UK and Ireland.
Unilever will keep an unspecified minority stake in the business. Financial details were not disclosed.
Kees Kruythoff, president of Unilever's North American business, said: "The Slim-Fast sale is the last step in the portfolio reshaping that we had planned for North America. This transaction, along with previously announced divestitures, will give us the focus to drive growth behind our core portfolio."
Unilever has sold a series of food businesses in North America in recent years as it looks to focus on businesses it believes has better growth prospects. In May, it offloaded its Ragu and Bertolli sauce assets in the region to Japanese condiments manufacturer Mizkan Group.
Last August, US food group Pinnacle Foods acquired Unilever's salad dressings arm in North America for US$580m.
In January last year, Unilever sold its Skippy peanut butter brand - which made over 80% of its sales in the US - to US group Hormel Foods.
Kainos Capital has made a series of investments in the food sector. Its most recent exit was last December, when it sold US organic food group Earthbound Farm, alongside the company's founders, for around $600m.
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