Nestlé has brokered a deal to buy Canadian nutritional products company Atrium Innovations from private equity firm Permira for US$2.3 billion, according to a report published by the Financial Times.

The deal will expand Nestlé’s portfolio into the probiotics, protein nutrition, multivitamin and meal replacement markets, enabling consumers ‘to address their health and wellness goals’, as Greg Behar, CEO of Nestlé health science told the Financial Times.

Atrium will be absorbed into Nestlé’s health science unit, with CEO Peter Luther remaining at the helm. The company is expected to report annual sales of US$700 million this year.