NEW YORK, July 15 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