Private equity firm Advent International is nearing a deal to acquire Zimmermann in a transaction valuing the Australian fashion brand at about $1 billion, people familiar with the matter said.

The American investor could announce the deal as soon as Tuesday, the people said, asking not to be identified discussing confidential information.

A representative for Advent declined to comment while Zimmermann couldn’t be immediately reached.

Sisters Nicky and Simone Zimmermann founded their namesake label in 1991 in Sydney. They own a 30% stake in the business, while Style Capital owns the remainder. The Italian firm bought the majority stake in 2020 from General Atlantic for $408 million.

This is the second large deal this year for a big Australian brand. French skincare giant L’Oréal SA agreed in April to acquire luxury cosmetics brand Aesop, which was founded in Melbourne, for an enterprise value of $2.53 billion.