Swiss food and drink company Nestlé has entered an agreement to acquire Canadian nutritional health products company Atrium Innovations from a group of investors led by Permira Funds for $2.3bn in order to expand its portfolio of consumer healthcare businesses.

Atrium, which is known for its Garden of Life brand, is expected to report sales of almost $700m this year.

Headquartered in Florida, US, Garden of Life manufactures certified organic, non-GMO supplements that are sold in more than 14,000 health food stores and online in the US.

The products of the Garden of Life brand are also sold in select international markets.

The acquisition, which will help expand Nestlé’s focus on its high-growth food and beverage categories, is expected to be completed in the first quarter of next year, upon completion of customary approvals and closing conditions.

With corporate offices in Quebec, Canada, Atrium will become part of Nestlé Health Science following the completion of the deal, while its existing management team will continue to manage the business, led by Atrium president and chief executive officer Peter Luther.

Nestlé Health Science chief executive officer Greg Behar said: “We value Atrium’s history as a highly successful company and welcome its 1,400 employees to the Nestlé family.

“Nestlé will provide Atrium with the resources to accelerate the growth of our brands and reach more people globally.”

“Their brands are a natural complement to our Consumer Care portfolio, which offers nutritional solutions in the areas of Healthy Aging, Healthy Growing, Gut Health and Obesity Care.”

The acquisition is expected to extend the Swiss firm’s product range with the addition of probiotics, plant-based protein nutrition, meal replacements and multivitamins, which would enable consumers to address their health and wellness goals.

Luther noted: “Since Atrium was established in 1999, we have been dedicated to providing premium-quality, science-based, professionally recognised products to consumers and healthcare practitioners.

“We are very pleased to be joining Nestlé Health Science as we share a common purpose of helping people lead healthier lives by providing good-for-you products made with the highest standards for quality and efficacy.

“Nestlé will provide Atrium with the resources to accelerate the growth of our brands and reach more people globally.”

Atrium’s brand Pure Encapsulations has a full line of hypoallergenic, research-based dietary supplements, while its product line is claimed to be free from common food allergens, GMOs, fillers, binders, and artificial colours.

These products are sold in the US via healthcare practitioners, online, and in pharmacies in several markets in Europe.

Atrium’s portfolio also includes strong brands like Wobenzym, Douglas Laboratories, Genestra Brands, Orthica, AOV, Minami, Klean Athlete, Pharmax, and Trophic.