(Bloomberg) -- Puig, the Spanish company behind Paco Rabanne perfumes, agreed to acquire celebrity makeup brand Charlotte Tilbury to add popular products including Magic Cream moisturizer and Pillow Talk lipstick.

Puig will acquire a majority stake in the label, according to a statement Thursday. Financial details were not disclosed.

Family-owned Puig, which is based in Barcelona, teamed up with Byron Trott’s investment firm BDT Capital Partners on the purchase. Charlotte Tilbury, a London-born makeup artist who founded her namesake brand in 2013, plans to keep a minority stake in the business.

The transaction shows that large consumer companies still have an appetite to buy independent brands favored by younger shoppers, despite the coronavirus pandemic that’s ended a decade-long boom in dealmaking. Puig beat out competition from Unilever, L’Oreal SA, Estée Lauder Cos. and Japanese beauty company Shiseido Co., Bloomberg News has previously reported.

Charlotte Tilbury, who grew up around creative types on the Spanish island of Ibiza, made her name working with supermodels such as Kate Moss and actresses including Penelope Cruz. The company received an investment from venture capital firm Sequoia Capital in 2017.

Puig, which sells Jean Paul Gaultier and Nina Ricci fragrances, reported 2018 sales of 1.9 billion euros ($2.1 billion) and is present in more than 150 countries, according to its website.

The deal is also a rare example of a major British business sold in an auction process since the coronavirus outbreak. After KKR & Co.’s acquisition of U.K. waste management provider Viridor Ltd. in March, several sale processes have been shelved. Walmart Inc. put its planned disposal of the Asda supermarket chain on hold to focus management’s attention on responding to the crisis, people with knowledge of the matter said in April.

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