Beauty company e.l.f. Cosmetics is in late-stage discussions to be acquired by TPG Growth, according to three sources familiar with the situation. TPG Growth is the middle-market investment unit of private equity firm TPG Capital LP, wrote Reuters.

On Friday, two people said e.l.f. (eyes, lips, face) could fetch between $200 million and $300 million in a sale, the report said.

The beauty brand had sought the advice of Financo on a sale. TSG Consumer Partners, a private equity firm, holds a minority holding in the brand. E.l.f. is a company that sells affordable cosmetics at stores like Target Corp. Its lipstick and mascara sells at around $3 each, the report stated.

According to the said sources L'Oreal SA last year looked to acquire e.l.f. but decided instead to buy makeup brand Urban Decay, the report added.

Mergers and acquisitions in the beauty industry have been considerably quiet in recent months. Large transactions have included L'Oreal's purchase of China's Magic Holdings in an $845-million deal, and Revlon Inc's $660 million buy of the Colomer Group, Reuter reported.