Asian private equity firms, including FountainVest Partners and Sequoia Capital, are reportedly exploring a potential acquisition of Alpinestars, the Italian manufacturer of protective gear for motorcycle racers, according to people familiar with the matter. These firms are among a group of potential buyers weighing bids for the privately held company, the people said, asking not to be identified because the deliberations are private.

Alpinestars has been working with financial advisors to evaluate a possible sale, which could value the company at roughly 1 billion euros ($1.2 billion), the people added. Other prospective buyers have also been circling the business, they said. The discussions are ongoing, and no final decision has been reached, the people noted.

Representatives for Alpinestars and FountainVest did not respond to requests for comment, while Sequoia declined to comment. Asian private equity firms have increasingly turned their attention to European targets, seeking to diversify with global brands that can expand into faster-growing emerging markets. Sequoia has previously acquired Italian sneaker brand Golden Goose and a majority stake in audio equipment maker Marshall. FountainVest has also been scouting various assets across Europe.

Founded in 1963 and owned by the Mazzarolo family, Alpinestars produces protective equipment including boots, helmets, jackets, and gloves, commonly used in Liberty Media Corp.'s MotoGP motorcycle championship and Formula 1 races. The company's product lineup also includes airbag systems and sportswear.