London-based private investor Lion Capital is working with an adviser as it explores the potential sale of skincare brand Perricone MD, Bloomberg News reported, citing people with knowledge of the matter.

The adviser has already reached out to potential bidders for the business, which could sell for over $200 million, sources said.

It is unclear whether a deal will materialize since deliberations are still in early stages, they added.

A Lion Capital representative did not comment on the matter, while a Perricone representative did not immediately answer requests for comment sent by Bloomberg.