CVC has hired advisory firm Michel Dyens & Co to market the business according to the Wall Street Journal, which cited people familiar with the matter.
The firm initially planned to offload Colomer two years ago but failed to find a buyer, according to the sources.
The company, which was acquired from Revlon for $315m in 2000, currently has annual revenues of $500m, with a third of that based on US sales.
Potential buyers are most interested in the CND nail Shellac product line, which currently has sales of $70m, and men’s product line American Crew, according to the sources.
The report noted a recent study by Euromonitor which showed that the US nail polish market expanded to more than $1bn in the six years to 2012. However, growth in CND Shellac’s sales have recently slowed, said one of the people.
The sources also said that some suitors may be put off by the fact that CVC has held the firm for much longer than the usual period of three to seven years usually followed by private equity firms.
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