Auto parts maker TI Automotive is reportedly exploring a possible sale that could be worth about $1.5 billion.

The privately-held Auburn Hills, Mich.-based company has hired Deutsche Bank (DB) to search for potential bidders and J.P. Morgan Chase (JPM) is also involved, Bloomberg News reported.

A sale is among the strategic options that TI Automotive is considering, the report said.

A representative from the company declined to comment on the report.

TI Automotive, which is owned by a slew of U.S. and British hedge funds, was founded almost 100 years ago and at one time supplied fuel lines to Ford’s (F) Model T.

Two private-equity firms have been approached about TI and KKR (KKR) considered buying the company but decided against a deal, Bloomberg report.

New York-based KKR declined to comment on the report.

TI generated about $3 billion in revenue in 2012, a company spokesman said, selling systems such as fluid carrying, powertrain, tank, HVAC and pump & module.

Its customer base includes dozens of major auto makers, including Aston Martin, Audi, BMW, Chrysler, Ford, General Motors (GM), Honda (HMC), Mercedes-Benz and Toyota (TM).

Follow Matt Egan on Twitter @MattMEgan5