Private equity outfit Thomas H. Lee Partners is reportedly looking to unload its stake in Hightower.

The Boston-based owner is talking about selling off part or all of its majority stake. That may occur through a potential sale that would value Hightower at over $2 billion, including debt, people familiar with the matter tell Reuters.

But the deliberations are still at an early phase and the private equity firm may end up keeping its full stake in the aggregator, which it acquired for an undisclosed sum in 2017 from a group of investors, according to the newswire.

Hightower generated roughly $100 million in 12-month earnings before interest, tax, depreciation and amortization, Reuters’ sources, who asked to remain anonymous, tell the newswire.

The Chicago-based firm, launched in 2008, represented more than $70 billion in client assets and more than 100 advisory practices across the U.S. as of the end of 2019, its website states.

Both Thomas H. Lee and Hightower declined comment to Reuters.

Founded in 2008, Hightower has made several large acquisitions since Thomas H. Lee Partners became part-owner in 2017. In October 2019, the aggregator Hightower took a stake in an advisory group managing $1 billion from offices in San Francisco, Washington, D.C. and Towson, Md. Last year, Hightower also invested in at least three other firms that collectively managed $8.4 billion.

Last month, meanwhile, Thomas H. Lee Partners took a slice of insurance and retirement solutions provider AmeriLife Group.