NEW YORK May 16 Private equity firm Sun Capital
Partners is exploring the sale of Emerald Performance Materials,
a specialty chemicals company that could be worth more than $700
million, according to four sources familiar with the matter.
Sun Capital, which created Emerald in 2006 out of businesses
it bought from Lubrizol, has hired investment bank Lazard Ltd
to advise on the process.
The company is likely to attract interest from other private
equity firms, the sources said.
Emerald's earnings before interest, taxes, depreciation and
amortization were over $100 million, three of the sources said,
and the business could be worth at least 7 times EBITDA.
The company makes specialty chemicals that are used in food
flavorings and fragrances as well as industrial applications.
Sun Capital, Emerald and Lazard could not be immediately
reached for comment.