Clariant AG, the Switzerland based specialty chemical company, announced Monday that it had acquired Canada-based Lucas Meyer Cosmetics in an all-cash purchase worth $810 million, from International Flavors & Fragrances.

Clariant said it would be looking to boost the annual sales of the Quebec-based cosmetics company from its present $100 million per year up to $180 million per year.

In its announcement, Clariant said Lucas Meyer, which makes chemical ingredients for cosmetics, would prove accretive to Clariant’s growth, sales, and cash flow.

Clariant noted that the price it paid represented an enterprise value to EBITDA multiple of 16.3.

It is expected that sometime in the first quarter of 2024, the deal will be closed.