Audax puts ColorMatrix on the block - sources
NEW YORK, July 15
NEW YORK, July 15 (Reuters) - Private equity investor Audax Group has put chemical company ColorMatrix Corp on the block in a sale that could bring in more than $400 million, sources familiar with the matter said.
ColorMatrix, which makes liquid color and additive concentrates for thermoplastic products, has projected annual earnings before interest, taxes, depreciation and amortization (EBITDA) of around $45 million to $50 million, according to the sources, who spoke on the condition of anonymity because the auction is not public.
Audax is hoping to get north of 9 times forward EBITDA for the company, according to the sources, who said the price target may be aggressive.
The private equity group has hired Robert W. Baird to advise it on the sale, the sources said.
Audax, ColorMatrix, and Baird could not immediately be reached for comment. (Reporting by Michael Erman and Soyoung Kim; Editing by Richard Chang)
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