KKR & Co. is in advanced talks to buy 1-800 Contacts for more than $3 billion from AEA Investors, according to people familiar with the matter.

KKR beat out rival private equity firms in an auction for the contact lens retailer, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and talks could still fall through, the people said.

Representatives for AEA Investors and KKR declined to comment. Representatives for 1-800 Contacts didn’t immediately respond to requests for comment.

Started in a dorm room in 1995, 1-800-Contacts sells eye wear and contact lenses online, according to its website. AEA Investors acquired the company in 2016 from Thomas H. Lee Partners.

Source: Bloomberg

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