Private equity firm Unison Capital is in talks with Samsung Securities about the securities company having a role in the sale of its controlling stake in FND Net, industry sources said.

Unison Capital is expected to sign a contract with Samsung Securities by the end of this year, aiming to launch the sale process for the Seoul-based healthcare firm in the first half of 2021. The securities firm is said to have already begun tapping some potential buyers.

FND Net, which develops and distributes health functional food products, has drawn attention from strategic investors, including domestic and international pharmaceutical companies and drug wholesalers. They have particular interest in the firm’s distribution and sales networks in hospitals and pharmacies nationwide, industry watchers said.

Founded in 2004, FND Net has differentiated its business model by focusing on building distribution channels through partnerships with hospitals and pharmacies, rather than via online and home shopping retailers. The company supplies its health supplement products through more than 4500 hospital channels, with 120 exclusive in-shop stores in large hospitals, and through more than 3100 pharmacy channels.

Unison Capital acquired 75% of the company for about 80 billion won ($73.3 million) in July 2017. FND Net has since diversified its range of products to include functional cosmetics.

FND Net’s revenue and earnings before interest, tax, depreciation and amortization (EBITDA) are expected to grow to 65 billion won and 12 billion won respectively in 2020, from 52.7 billion won and 9.9 billion won last year, according to sources.

Unison Capital reportedly wants the company to be valued at 250 billion won or more, which would be equivalent to about 20 times EBITDA. (Reporting by Ik-hwan Choi)