Private equity firm L Catterton has announced that it is acquiring a majority stake in family-owned Kiko Milano, in a deal that, according to a source close to the matter, values the accessible Italian make-up manufacturer at around €1.4 billion ($1.5 billion) including debt.

L Catterton, which specialises in consumer goods and is linked to the French group LVMH, is buying the stake of the Italian Percassi family, which founded what is now one of the world’s largest private make-up brands in 1997, the two companies said in a joint press release.