The owner of SlimFast has kicked off a sale of the weight loss brand after hiring advisers to orchestrate an auction.
Sky News understands that Glanbia, the Irish-based company, is working with bankers at Houlihan Lokey on a process to exit its weight management portfolio.
Dubbed Project Lego, a sale would come more than 45 years after SlimFast was founded.
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Glanbia has owned the brand since 2018, when it paid $350m for the business.
Announcing the decision to sell SlimFast in February, Mark Garvey, Glanbia's chief financial officer, said: "We've decided to move on.
"There is a significant change in how weight management is being managed by consumers."
Dieting brands such as SlimFast have been hit hard by the rise of weight loss drugs Wegovy and Ozempic in recent years.
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Sources said that Glanbia's advisers were marketing the SlimFast business based on a pipeline of new product developments and brand positioning.
A sale is expected to be finalised later this year, depending upon the price offered by prospective buyers.
Glanbia declined to comment.
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