Makeup artist Mario Dedivanovic and beauty brand Anastasia Beverly Hills partnered on a $45 palette with 12 eye-shadow shades.

Private equity firm TPG Capital has agreed to make a minority investment in makeup brand Anastasia Beverly Hills.

Anastasia was founded by Anastasia Soare in 1997 as an eyebrow shaping business. Since then the company has expanded into makeup, and sells products like highlighting palettes and liquid lipstick in addition to its cult-favorite brow line. WWD reported TPG was nearing a stake in the business back in May.

For TPG, the deal closely follows another significant minority investment in skin-care brand Rodan & Fields. The firm has done other beauty deals, including E.L.F. Cosmetics, which went public in 2016.

Terms of TPG’s investment were not disclosed. Industry sources said that Anastasia was being valued at as much as $3 billion. They also indicated that Anastasia Beverly Hills has faced declines in growth in recent months, along with the entire sector. Back in December, when WWD first reported the company had  hired Imperial Capital to conduct a sale, the business was said to have $200 million in earnings before interest, taxes, depreciation and amortization and $340 million in sales.

Broadly, the prestige makeup business has experienced double-digit growth in the U.S.market in recent years, until recently, when those figures started to soften, According to the NPD Group, U.S. prestige makeup sales grew 7 percent in the first quarter of 2017, compared to skin care’s 14 percent growth.

With TPG’s backing, Anastasia plans to ramp up its e-commerce and international expansion.

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