IL Makiage has sold 9% of its shares for $130 million to generate investment funds, according to a report at Globes.
Previously: Il Makiage Names Lindsay Drucker Mann as CFO
The company now has a valuation of nearly $1.5 billion.
Globes reports that the sale of shares is intended to help the brand "become better known ahead of a potential IPO on Wall Street." The funds raised will reportedly be used to purchase the shares held by Holtzman and Catterton.