Atrium Innovations Inc said a group of investors, including European private equity firm Permira funds, would buy the dietary supplements maker for about C$751.2 million.

Atrium shareholders will receive C$24 in cash per share, a nearly 23 percent premium to the stock's Thursday close on the Toronto Stock Exchange. 

The stock, which was trading at C$24.16 on Friday morning, has 31.3 million shares outstanding according to Thomson Reuters data.

Atrium, whose key brands include Garden of Life and Genestra, has said its business in Europe remains challenged due to a weak economy.

The company in October said it acquired 70 percent of Mucos Pharma, the exclusive distributor of enzyme tablet, Wobenzym, in Central and Eastern Europe to consolidate its position in Europe.

Permira Funds will own 75 percent of the company after deal close. The total enterprise value of the deal, including debt, is about C$1.1 billion.

Fonds de solidarite FTQ and Caisse de depot et placement du Quebec, who collectively hold about 25 percent of the company, have agreed to vote in favor of the deal, Atrium said.

All directors and some officers of the company, holding about 2 percent of outstanding shares, have also agreed to vote for the transaction.

Atrium said its board recommends that shareholders and debenture holders vote for the deal at a special meeting to be called to approve the transaction.

Quebec-based Atrium has until Jan. 13, 2014 to solicit third-party offers. TD Securities is acting as financial advisor to Atrium and CIBC acted as financial advisor and independent valuator to a special committee of independent directors. ($1 = 1.06 Canadian dollars)