NEW YORK (Reuters) - The owners of Crumbl are exploring a sale that could value the popular cookie chain at nearly $2 billion, including debt, according to people familiar with the matter.

The Lindon, Utah-based bakery franchise chain is working with investment bank North Point on a sale process that could attract interest from private equity firms, the sources said, requesting anonymity as the matter is confidential.

The owners of the cookie chain are hoping to command a valuation for the business equivalent to more than 10 times its annual earnings before interest, taxes, depreciation, and amortization of nearly $150 million, the sources said.

Crumbl and North Point did not immediately respond to requests for comment.

Launched in 2017 by cousins Jason McGowan and Sawyer Hemsley, Crumbl in recent years has amassed a sizable social media following across platforms such as TikTok, Instagram, and YouTube.

The company, which sells its cookies in a distinctive pink box with its logo, opened its first location in 2017 in Logan, Utah, when Hemsley was finishing his degree at Utah State University. Crumbl is now present in 1,071 locations across North America, according to its website.

The dessert chain's move to explore a sale comes as large investment firms are actively acquiring franchise operators, which typically generate steady royalty fees and are less expensive to operate.

Last year, Verlinvest and Mistral Equity Partners acquired Insomnia Cookies from Krispy Kreme in a deal worth $350 million.

In December, Reuters reported private equity firm Bain Capital is in talks to acquire restaurant franchise operator Sizzling Platter.