Asia-focused private equity fund Headland Capital Partners is seeking a buyer for Young Toys, a fast-growing South Korean toy maker, in a deal that could be worth more than $250 million, according to people familiar with the situation.

Seoul-based Young Toys, creator and owner of the popular "Tobot" television and toy franchise, is being shopped by Goldman Sachs Group to global media and toy conglomerates as a potential entree to South Korea's consumer market, with the potential for building the brand across Asia, according to the people.