Platinum Equity, a buyout firm founded by American businessman Tom Gores, is weighing exiting its investment in Singapore electronics manufacturing services provider PCI, according to people with knowledge of the matter.

The private equity firm is working with financial advisers to gauge interest from potential buyers, said the people, who asked not to be named as the information is private. A deal could value the manufacturing services provider at about US$400 million ($538.58 million), the people said.

Deliberations are at an early stage and Platinum Equity could decide not to proceed with the sale, the people said. A representative for Platinum Equity declined to comment. A representative for PCI did not respond to requests for comment.

PCI is an electronics manufacturer serving a wide range of industries including the automotive, industrial equipment, commercial, consumer and medical sectors. In June the company won a contract from the Singaporean government to manufacture a batch of wearable contact tracing devices, to aid in stopping the spread of Covid-19.

Platinum Equity took PCI private in 2019 after buying the company from Chuan Hup Holdings and other public shareholders, according to the firm’s website.

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The US buyout firm, founded in 1995, has more than US$23 billion of assets under management and a portfolio of about 40 companies, its website shows.