Nestle SA agreed to acquire a majority stake in Orgain, a maker of plant-based protein powders and other products, expanding its nutrition portfolio.

Butterfly Equity and Orgain founder Andrew Abraham will keep a minority stake, staying on as chief executive officer, confirming an earlier report by Bloomberg about the sale. Financial details weren’t disclosed, though Nestle has the option to fully acquire Orgain in 2024.

Orgain, founded in 2009, sells products for adults and children including powders, bars, shakes and almond milk. Los Angeles-based Butterfly began exploring a sale or initial public offering of the company last year, valuing it at about $2 billion, Bloomberg News previously reported.

The transaction is the latest move by Nestle Chief Executive Officer Mark Schneider, whose portfolio transformation and turnaround at the world’s largest food company have been lauded by investors and analysts.

Schneider has overseen a series of acquisitions in recent years to bolster Nestle’s health and wellness portfolio, adding to faster-growing categories that have helped it return to mid-single-digit sales growth. Last year, Nestle snapped up companies including nutritional supplement provider Bountiful Co. and hydration-tablet maker Nuun & Co.

Orgain will add to Nestle’s sales growth this year though weigh on its margin slightly, the Swiss company said. Bloomberg reported last year the protein powder maker had annual sales of about $400 million.

Nestle’s health-science unit will account for almost 8% of total revenue this year, Vontobel analyst Jean-Philippe Bertschy estimates, noting that Orgain is a complementary strategic fit. The unit was 3 percent of revenue in 2019.

The CEO has been active in disposing of lagging businesses as well, jettisoning a U.S. confectionery unit, mass-market bottled-water brands and its skincare business.

Food-focused buyout firm Butterfly took a majority stake in Orgain in 2019, according to a statement at the time. Ontario Teachers’ Pension Plan, a limited partner of Butterfly, joined in that transaction as a minority stakeholder.

Bank of America Corp., Goldman Sachs Group Inc. and Mally Collective were Orgain’s financial advisers. Kirkland & Ellis and Giannuzzi Lewendon acted as the company’s legal advisers.