MILAN, April 26 (Reuters) - Buyout firm L Catterton has agreed to buy a majority stake in family-owned KIKO Milano in a deal which a source close to the matter said valued the Italian accessible make-up maker at around 1.4 billion euros ($1.5 billion) including debt.

L Catterton, which specialises in consumer goods and is backed by France's LVMH, is buying the stake from Italy's Percassi family who in 1997 founded what is now one of the world's biggest privately-owned make-up brands, the companies said in a joint statement.

($1 = 0.9304 euros) (Reporting by Valentina Za, editing by Gavin Jones)