Playboy is nearing a deal to acquire the parent company of sexual wellness chain Lovers - which sells lingerie and intimacy products - as it seeks to grow its lifestyle brand following the shuttering of Playboy magazine.

That's according to people familiar with the matter, who told Reuters exclusively on Sunday that the deal would value Lovers-parent company TLA Acquisition at around $25 million and could be announced as early as Monday.

The acquisition marks Playboy's latest effort to leverage its famous rabbit silhouette logo to expand in the consumer products arena.

In October, Playboy agreed to go public by merging with Mountain Crest Acquisition.

That deal, which is expected to close in February, will make Playboy a publicly traded company once again, after its late founder, Hugh Hefner, took the company private in 2011.

Playboy last year ceased publication of its magazine, ending a nearly seven-decade run on newsstands that began in 1953 with a debut issue featuring Marilyn Monroe.