Scotland's Endura is considering appointing advisers after receiving approaches to buy the business, reports Sky News.
Sources said that some of the losing bidders for Rapha had approached the company in recent weeks about a possible takeover.
Penta Capital became an investor in 2014 and owns just under 30 percent of the company.
Endura is forecast to make £3.5m in earnings before interest, tax, depreciation and amortisation on turnover of £30m this year. Turnover in 2017 was £25m, with gross profit of £13.35m and profit before tax of £1.8m. The company's financials for the year ending April 2017 – and filed on 4th August – reported a "significant revival ... following an extremely challenging year" and delivered "exceptional results."
While the company reported that weaker Sterling boosted its takings board directer John Comiskey stressed that "Trade with key European markets that is unhindered by trade or tariff barriers is considered critical to the continued success of Endura."