Food acquisition news : Swiss food and beverage giant Nestle has struck a deal to acquire nutritional health products manufacturer Atrium Innovations based in Canada for $2.3 billion from a consortium of investors.

Nestle acquisition of Atrium Innovations from a Permira Funds-backed firm, Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and others is anticipated to expand the consumer healthcare portfolio of the Swiss firm.

The portfolio of Atrium Innovations is made up of multivitamin range, probiotics, meal replacements and plant-based protein nutrition products.

Atrium Innovations revenue 2017 is estimated to be about $700 million.

The nutritional supplement company stated that its brands and business model complement Nestle’s science-based nutritional solutions.

Some of the Atrium Innovations brands are Garden of Life natural supplements, Pure Encapsulations hypoallergenic, research-based dietary supplements as well as specialty brands such as Wobenzym, Genestra Brands, Orthica, AOV, Minami, Pharmax, Trophic, Douglas Laboratories and Klean Athlete.

Commenting on Nestle acquisition of Atrium Innovations, Peter Luther – President and CEO, said: “Since Atrium was established in 1999, we have been dedicated to providing premium-quality, science-based, professionally recognized 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.”

Peter Luther anticipates Nestlé to give Atrium Innovations the resources to speed up the growth its brands and increase their global reach.

After completion of the acquisition, Nestle will operate Atrium Innovations under its Health Science unit. The current management team of Atrium Innovations will be retained to carry forward its business.

Greg Behar – the CEO of Nestle Health Science, commenting on Nestle acquisition of Atrium Innovations, said: “We value Atrium’s history as a highly successful company and welcome its 1,400 employees to the Nestlé family.

“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.”

Nestle acquisition of Atrium Innovations, which is subject to customary approvals and closing conditions, is expected to be wrapped up in Q1 2018.

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