Vestar Capital Partners LLC-backed employee healthcare services provider The Staywell Co. LLC has hired investment bank Piper Jaffray & Co. to help it evaluate a possible sale, Private Equity News reported, citing people with knowledge of the matter.

The company, which does business as StayWell, is projected to generate about $33 million of earnings and $127 million in revenue in 2019, the sources reportedly said.

Vestar kept a minority stake in Staywell after it sold a majority stake in the company to Merck & Co. Inc. subsidiary Healthcare Services & Solutions LLC in 2016.