(Bloomberg) -- General Atlantic is nearing a deal to acquire a stake in Gymshark Ltd., the U.K. fitness brand set up by a group of high-school friends in a garage less than a decade ago, according to people familiar with the matter.

The private equity firm is in advanced discussions to invest roughly $300 million in Gymshark, according to the people, who asked not to be identified because the information is private. They have been discussing a valuation of more than 1 billion pounds ($1.3 billion) for Gymshark, though exact terms are still being negotiated, the people said.

An agreement could be announced as soon as the next few days, the people said. General Atlantic beat out rival private equity firms that were also competing for the investment, according to the people. A representative for General Atlantic declined to comment. Gymshark didn’t immediately return a phone call and email seeking comment.

Gymshark manufactures fitness clothing and accessories. The company, founded by teenager Ben Francis and a group of school friends in 2012, began life as a screen printing operation in a garage, according to its website. It has since grown into a recognizable brand with a large social media presence.

While the coronavirus pandemic has forced gyms to shut their doors to the public this year, demand for fitness gear has remained strong as people have sought ways to maintain exercise regimes at home. Gyms are only just beginning to reopen with strict health and safety measures in place.

©2020 Bloomberg L.P.