The Carlyle Group Inc. (NasdaqGS:CG) has begun the sale process of Japanese cosmetics supplier TOKIWA Corporation in a deal that could value the company at $800 million, three sources with knowledge of the matter said. Non-binding bids for the company are expected by mid-March, said the sources, who declined to be named as the information is confidential. Potential buyers include private equity firms and several companies in the cosmetics industry, said one of them.

Tokiwa is aiming to fetch a high-teen multiple over the core earnings in a sale, potentially valuing the company at $800 million or more, they said. Carlyle and Tokiwa declined to comment. Jefferies and SMBC Nikko Securities are advising Carlyle on the sale, sources have said.

SMBC Nikko declined to comment, while Jefferies did not immediately comment.