Private equity firm Bain Capital agreed to buy Italian chemicals maker Italmatch from french investor Ardian, the companies announced on Thursday, defeating rival bids from KKR and Cinven.

The firm did not disclose a deal value, but sources familiar with the matter told Reuters on Wednesday that Bain will pay around 700 million euros ($808.71 million) to take control of the Genoa-based company.

Italmatch has been controlled by Ardian since 2014 and Bain said in a statement that under Ardian ownership, Italmatch has more than doubled its sales over the past four years.

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