Nestle, owner of everything from chocolate to coffee and baby food brands, said in a statement it was acquiring the US company's Nature's Bounty, Solgar, Osteo Bi-Flex and Puritan's Pride.
The "high-growth" brands will help create "a global leader in vitamins, minerals and nutritional supplements", Nestle said in announcing the deal with Bountiful's owner KKR.
Nestle is also buying the company's US private label business, but the transactions does not include sports and active nutrition brands and Bountiful's Canadian over-the-conter business.
Nestle expects to complete the transaction in the second quarter, pending regulatory approval.
Founded in 1971, The Bountiful Company makes vitamins, minerals and other nutritional supplements and employs some 4,500 people worldwide.
It has been valued by analysts at $5-7 billion.
Nestle has recently pursued a range of acquisitions in health nutrition, considered a growth area.
Last year, the world's largest food and beverage company acquired the Zenpep drug for digestive problems, and took majority control of US firm Vital Proteins.
It also concluded its purchase of US allergy treatment company Aimmune Therapeutics, and with it that firm's Aimmune Palforzia treatment to help reduce the frequency and severity of peanut allergies in children.
Nestle's first big acquisition since Mark Schneider took the reins in 2017 was of Canadian vitamin maker Atrium Innovations.
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