Sun Capital explores sale of specialty chemicals firm Emerald Performance Materials
17 May 2013
US private equity firm Sun Capital Partners is exploring the sale of specialty chemicals company Emerald Performance Materials in a deal worth more than $700 million, Reuters yesterday reported, citing four sources familiar with the matter.
Sun Capital has hired investment bank Lazard Ltd to advise on the process and the sale is likely to attract interest from other private equity firms, the report said.
Ohio-based produces and markets technologically advanced specialty chemicals for a broad range of food and industrial applications.
Emerald products play a variety of roles in the products that are consumed and used every day, enabling them to last longer, look, smell, taste or perform better and are used in aerospace, food, beverages, cosmetics, toothpaste, household products, paint, tires, automobiles, sports gear and many other applications.
Emerald, which was created by Sun Capital in 2006 from the businesses it acquired from Lubrizol, and has four business groups, eight operations and approximately 750 employees.