Honour Lane Shipping Ltd., a Hong Kong-based freight forwarder, is weighing a sale of the business that could fetch about $500 million, people with knowledge of the matter said.

The family-owned company is working with BDA Partners, a boutique investment bank, on the divestment, said the people, asking not to be identified as the information is private. Honour Lane has drawn preliminary interest from buyout firms and industry players, and it’s called for binding bids in the next couple of weeks, the people said.

Deliberations are ongoing, and the company could decide against a sale, said the people. A representative for BDA Partners declined to comment, while Honour Lane didn’t immediately respond to an email seeking comment.

Deals for warehouses are picking up pace after the Covid-19 pandemic spurred a surge in online shopping, triggering demand for more storage spaces from e-commerce companies and delivery networks. For instance, MBK Partners agreed to sell its majority stake in Apex International Corp. to Kuehne + Nagel International AG in February. Bloomberg News reported at the time that the deal valued the freight forwarder at about $1.5 billion.

Honour Lane was founded in Hong Kong in 1997. The company currently has more than 1,000 employees and 38 offices across Asia, including China, Vietnam, Indonesia and India, according to its website.

The closely-held firm has developed a network of logistics solutions, from ocean, air and land transportation to warehousing, inventory management and consulting services, the website shows.