Estée Lauder announced today that the company has signed an agreement to purchase Smashbox Cosmetics.

Smashbox was founded in 1996 by the Factor brothers, Dean and Davis, great-grandsons of Hollywood makeup legend Max Factor. Drawing inspiration from celebrity photoshoots, the brand's products were developed to stand up against harsh lighting and camera lenses better than traditional cosmetics.

Dean Factor is quite pleased with the brand's new ownership saying, "The Company possesses the scale and vision to help transition Smashbox into its next phase of growth, and its track record of nurturing and growing prestige brands is second to none. Moreover, we share a similar cultural heritage and dedication to consumer-inspired innovation and creativity."

And Estée Lauder stands to gain from the partnership as well.

"Smashbox is the leading Hollywood photo studio-inspired cosmetics brand with a devoted following and timeless appeal," said John Demsey, Estée Lauder Companies' Group President. "We are excited to be acquiring a uniquely positioned cosmetics brand with true talent well known for engaging consumers across prestige channels and in the digital media space. Smashbox fits perfectly within our DNA, and we look forward to continuing to delight our consumers together."

The Factor brothers will continue to work with Smashbox out of their Los Angeles, California headquarters.

For more beauty news, check out the top trends and tips StyleList spotted at The Makeup Show in New York City!