According to Reuters, Bain Capital has won an auction to buy Italian chemicals maker Italmatch, trumping rival bids from KKR and Cinven. The private equity firm is said to be willing to pay around €700 million  ($811 million) to take control of the Genoa-based company.

Italmatch has been controlled by French investor Ardian since 2014. The company, founded in 1997 through a management buyout of phosphorus derivatives maker Saffa, has expanded its global footprint in recent years through a series of acquisitions.