Yomeishu Seizo, a Japanese medicinal liqueur manufacturer, is considering going private and has received acquisition proposals from several investment funds, according to people familiar with the matter.

Yomeishu has appointed Mitsubishi UFJ Morgan Stanley Securities as its financial advisor to explore capital strategies, including delisting, said the people, who asked not to be identified as the information isn’t public. Yomeishu has reached out to potential buyers and investment funds for a possible sale and has recently conducted a first-round bidding process, according to the people.

Officials at Yomeishu were not immediately available to comment. A spokesperson for Mitsubishi UFJ Morgan Stanley Securities declined to comment.

Yomeishu has a market capitalization of approximately ¥54.5 billion ($370 million). Its stock price has climbed more than 40% over the past year, driven by expectations for business reforms and improved capital efficiency. This makes it unclear how much potential buyers would be willing to offer, said one of the people.

A wave of corporate governance and capital policy reforms in Japan has led to an increase in buyouts by investment funds, management and founders. Activist investors have also had more impact in recent years and this trend is expected to continue.

It is unclear whether Yomeishu’s move toward privatization is directly linked, but in March it was revealed that major shareholder Taisho Pharmaceutical Holdings had sold its entire stake in the company — roughly 24% of voting rights. The largest shareholder now is Tokyo-based investment firm Yuzawa.

Yomeishu has assets including real estate and cash. It owns an 11-story office building in a prime location in Nanpeidai in Tokyo’s Shibuya district, where its headquarters are located. It also owns a large factory and related retail outlets in Nagano Prefecture.