Unilever will retain a minority stake in the milkshake-peddling brand following the deal, which will see Kainos-backed Healthy Delights CEO and founder Chris Tisi become Slim-Fast CEO.
Kainos Capital managing partner Andrew Rosen said, “Slim-Fast is the most recognisable brand name in weight management and over the last 20 years has helped millions of people lead healthier lives.
“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.”
The terms of the deal have not been disclosed.
Mid-market firm Kainos Capital exceeded its $400m target for its debut fund in October 2013, raising more than $450m.
Other companies in the firm’s portfolio of health and wellness companies include Milk Specialties Global and InterHealth Nutraceuticals.
US-based Kainos is a spinout from HM Capital Partners founded in 2012.
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