The deal - terms of which have not been disclosed - follows the recent $2.15bn sale of Unilever's Ragu and Bertolli pasta sauce brands to Mizkan Group, and is "the last step in the portfolio reshaping that we had planned for North America", said Kees Kruythoff, president of Unilever North America.
"This transaction, along with previously announced divestitures, will give us the focus to drive growth behind our core portfolio."
Slim-Fast will become part of Kainos Capital's health-and-wellness portfolio, which includes leading US whey protein manufacturer Milk Specialties Global,nutraceutical ingredients supplier InterHealth Nutraceuticals, and dietary supplement maker Healthy Delights.
Chris Tisi, CEO and founder of Healthy Delights, will become the CEO of Slim-Fast, said Kainos Capital managing partner Andrew Rosen.
"Chris Tisi and his team have decades of experience in the diet and weight management category and are ready to give Slim-Fast the resources and entrepreneurial focus that will drive the brand to new heights."
Are 'dieting' brands like Slim Fast outdated?
Speaking to FoodNavigator-USA last year, analysts at Euromonitor and Datamonitor said that while a third of Americans are obese, manufacturers seeking to help them manage their weight are avoiding the word ‘diet’ like the plague and promoting more positive messages about food quality, protein and health and wellness - presenting challenges for traditional weight loss brands such as Slim Fast.