The Carlyle Group Inc. (NasdaqGS:CG) is preparing to explore a sale of Every Man Jack, LLC, a men's personal-care company that could be worth around $400 million, according to people familiar with the matter. Carlyle, a private-equity firm, has been interviewing investment banks to hire a financial advisor that will run a sale process for Every Man Jack, the sources said, cautioning that no deal is certain. Every Man Jack generates more than $100 million in annual revenue, the sources added.

Carlyle declined to comment. Every Man Jack did not respond to a request for comment.