In the company’s largest brand acquisition ever, The Estée Lauder Companies Inc. (ELC) will acquire trendy makeup brand Too Faced for a purchase price of approximately $1.45 billion. With a quick turnaround, the deal is expected to close some time this month. The Too Faced announcement came  on the heels of ELC’s recently completed purchase of Becca Cosmetics.

“Too Faced is one of the most dynamic makeup brands in the world,” said Fabrizio Freda, president and chief executive officer of The Estée Lauder Companies. “It has tremendous growth momentum in specialty-multi and online—important, strategic and fast-growing channels. With Too Faced, we see terrific opportunity for additional value creation through expansion in new and existing markets both in the US and internationally, as well as in travel retail globally. Jeremy, Jerrod, Eric and the entire Too Faced team have built an amazing and innovative brand. We look forward to working with them to continue to build on the brand’s winning spirit.”

Before the Too Faced deal,  Estée Lauder Companies acquired Becca Cosmetics, a high-growth makeup brand offering complexion and color products that flatter a wide range of skin tones and enhance women’s features.

Launched in 2001, Becca Cosmetics has recorded exceptional growth during the past several years, with a curated product line. Since 2011, Becca has been led by president and CEO Robert DeBaker, and CFO/COO James MacPherson, and has been part of Luxury Brand Partners’ portfolio since 2012.

The purchase was announced around the same time first quarter sales were reported. Net sales at Estée Lauder rose 1% to $2.87 billion. During the fiscal 2017 first quarter, the company recorded restructuring and other charges of $31 million in connection with its previously announced Leading Beauty Forward initiative.

Reported skin care net sales decreased slightly, due to currency fluctuations, according to the company. There were double-digit gains from La Mer and strong growth from Origins, which were offset by lower skin care sales from Estée Lauder and Clinique, reflecting, in part, the overall global slowdown in the category, according to the company. The Estée Lauder and Clinique declines were also due, in part, to lower sales in certain countries within the Asia/Pacific region, particularly Hong Kong.

Makeup sales increased slightly, primarily driven by double-digit increases from Tom Ford and Smashbox and solid growth from Estée Lauder and Clinique. Makeup sales increased in the Estée Lauder and Clinique brands too. However, increases were partially offset by lower sales primarily from MAC.

In fragrance, net sales increased, primarily due to strong double-digit gains from luxury brands Jo Malone London and Le Labo, and incremental sales from By Kilian. Solid growth from Tom Ford also contributed to the overall increase.

Lauder said hair care net sales increased, primarily due to growth from Bumble and bumble products, along with selective global expansion. Net sales in Aveda were slightly lower due to the planned launch of its hair care initiatives later this fiscal year.