(Bloomberg) -- Brookfield Asset Management Inc. is in advanced talks to acquire Hong Kong-based clothing label maker Trimco Group from buyout firm Affinity Equity Partners, according to people familiar with the matter.

The investment firms are hammering out the details of a transaction that could value Trimco at as much as $1 billion, the people said, asking not to be identified because the matter is private. Brookfield has been sounding out potential financing banks for the deal, and an agreement could be reached in the next few weeks, the people said.

Brookfield, based in Toronto, has emerged as the buyer after outbidding other private equity firms, the people said. Hong Kong-based Affinity has been exploring a sale of Trimco after receiving takeover interest, Bloomberg News has reported.

Talks are ongoing and could still face delays or fall apart, the people said. A representative for Brookfield declined to comment, while a spokesperson for Affinity didn’t immediately respond to a request for comment.

Founded in 1978, Trimco makes clothing labels, radio frequency identification tags, packaging and trimming products and store decorations for some of the biggest apparel retailers, according to its website. The group operates through its Clotex, Labelon and A-Tex units, serving more than 800 brands and 8,600 manufacturers globally. Launched in March, Trimco’s Product DNA platform for monitoring supply chain and social and environmental governance is being used by clothing makers including Asics Corp., according to a statement.

Affinity bought Trimco from Partners Group Holding AG for $520 million in 2018. The Asia Pacific-focused buyout firm has about $14 billion of assets and funds under management, its website shows. It counts offices in Hong Kong, Singapore, Seoul, Sydney and Beijing.

Brookfield manages more than $750 billion in assets under management, investing in renewable power, infrastructure, private equity, real estate and credit and insurance, according to its website. It has operations in more than 30 countries globally.

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