Private equity firm Bain Capital is nearing an agreement to acquire a significant stake in e-commerce company Berlin Brands Group, people with knowledge of the matter said.

Bain could announce a deal as soon as Wednesday to buy Ardian’s holding of more than 40% in the business, the people said, asking not to be identified because the information is private. The transaction is set to value the firm at more than 1 billion euros ($1.2 billion) including debt, one of the people said.

Berlin Brands Group is among a number of companies that have been raising billions of dollars from investors to buy up direct-to-consumer businesses selling products on and other online platforms. The company, founded in 2005, has a stable of 14 brands including home sports gear maker Capital Sports, home appliance firm Klarstein and gardening brand Blumfeldt, according to its website.

Deliberations are ongoing, and talks could still fall apart, the people said. Representatives for Ardian and Berlin Brands Group declined to comment, while a spokesperson for Bain couldn’t immediately be reached for comment.

Berlin Brands Group’s revenue rose 54% to 334 million euros last year. The company in April raised $240 million in debt to fund more acquisitions of retailers selling on

Chief Executive Officer Peter Chaljawski said in an interview at the time that Berlin Brands Group can help these shops grow by giving them access to sales channels beyond Amazon and expanding their reach into Europe.