Malt beverage manufacturer Mike’s Hard Lemonade is exploring a sale and if it is successful, the deal could fetch it over $1bn.

The sale process, which has been inititated, is likely to draw the interest of several large beverage companies, Reuters reported.

Prior to exploring sale options, the company has revamped its packaging in 2014 and launched new flavors like Mike’s Hard Peach Lemonade and a mango lemonade flavor for its Frozen Pouches product.

The company has made these changes to fight competition from industry rivals such as Anheuser Busch InBev and MillerCoors.

Mike’s Hard Lemonade’s parent firm Mark Anthony Group may consider not going ahead with sale in case the valutation does not match its expectation.

Founded in 1999, Mike’s Hard Lemonade sells beverages mixed with vodka, which can be consumed as an alternative option to beer and cocktails.

The firm also sells alcoholic beverages in black cherry, classic margarita, mango punch and blood orange flavors.

Mike’s Hard Lemonade claims that malt beverage industry generates around $1.7bn in sales.