Business Person of the Month October 2018: Siobhan Talbot leads Glanbia’s acquisition of Slimfast brand, and is set to join board of CRH

Business Person of the Month | Wed 31 Oct | Author – Business & Finance
Siobhan Talbot, Glanbia
Pictured: Siobhan Talbot, Group Managing Director, Glanbia

Siobhan Talbot, Group Managing Director of Glanbia, looks to grow their lifestyle market as Glanbia acquires diet brand SlimFast as part of a $350 million (€303 million) deal.

October 2018 was a notable month for Siobhan Talbot–not only did she lead Glanbia in the acquisition of the SlimFast diet brand, but it was also announced that she would join the board of Irish construction industry behemoth CRH in December 2018.

SlimFast to bulk up portfolio

Consumer goods giant Unilever acquired the SlimFast brand in 2000 for for $2.3 billion in cash, and sold it on four years later to current owners KSF Holdings and HNS Intermediate Corporation (ultimately, parent company being US private equity firm Kainos Capital).

The Florida-based brand, founded in 1990, is best known for its own-brand shakes and snack bars, and weight-management program. It is a leader in the $8 billion weight management nutrition market.

The well-known SlimFast brand produces a range of meal replacements for dieters.

The well-known SlimFast brand produces a range of meal replacements for dieters.

In 2017, the company had net sales of $212 million and adjusted ebitda of $24 million. It reported a net loss of $12 million after non-recurring supply chain transition costs.

Glanbia’s deal to seems like a bargain price compared to what Unilever paid for it; the package will also include nutritional supplement brands Healthy Delights and Nu-Therapy.

Siobhan Talbot, commenting on the deal, stated:

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.”

The deal is expected to close before the end of 2018, subject to regulatory approval. Glanbia said that the transaction will be fully financed by its available banking facilities. It is expected to add to net earnings from next year.

The group currently expects its earnings per share to grow at between 5 and 8 per cent this year, excluding currency fluctuations.

On the board

Siobhan Talbot is to join the board of CRH in December 2018. She will be joined by Mary Rhinehart as another new non-executive director. Mary Rhinehart is chairwoman, chief executive and president of Johns Manville Corporation, a global manufacturer of premium-quality building products and engineered specialty materials.

Siobhan Talbot, Glanbia, Business Person of the Month, October 2018.

Siobhan Talbot, Glanbia, Business Person of the Month, October 2018.

The board of CRH is chaired by Nicky Hartery, and other non-executive directors include former Bank of Ireland chief executive Richie Boucher and Heather Ann McSharry, a former managing director Ireland of Reckitt Benckiser and Boots Healthcare.

CV highlights

  • Siobhán Talbot was appointed Group managing director of Glanbia in November 2013, taking over from John Moloney after he served 12 years at the helm.
  • Previously, Talbot served as group finance director, where her role encompassed responsibility for group strategic planning, and she has held a number of senior positions at the company since she joined in 1992.
  • Prior to Glanbia, Talbot worked with PwC in Dublin and Sydney.
  • A graduate from UCD, Talbot is also a fellow of the Institute of Chartered Accountants in Ireland and has been a member of the Board of Glanbia since 2009.

Business & Finance, Business Person of the Month

Business Person the MonthBusiness & Finance, in association with KPMG, rewards excellence in business through the ‘Business Person of the Month’ award. This award seeks to recognise noteworthy achievements in business leadership, and, particularly, those that make a telling contribution to the wider business community in Ireland.