NEW YORK—American Securities L.L.C. plans to partner with management of Emerald Performance Materials L.L.C to purchase the specialty chemicals maker from an affiliate of Sun Capital Inc.
The transaction is expected to close in the third quarter and is subject to customary closing conditions and regulatory approvals. Financial details were not disclosed.
A producer of chemicals for niche consumer and industrial markets—including tires, structural adhesives, coatings, composites, flooring, personal, flavors and fragrances, and food and beverages—Cuyahoga Falls, Ohio-based Emerald Performance has eight facilities and employs about 750.
“Emerald represents a compelling investment opportunity and leverages our industry knowledge and track record in the specialty chemicals sector,” said Scott M. Wolff, American Securities' managing director. “We believe Emerald offers attractive growth opportunities, defensible market positions and a diverse portfolio of high quality business.”
During the last several years, Emerald has been diversifying its operations and brands, achieving a consistent record of annual revenue growth, said Candace M. Wagner, president and chief financial officer of Emerald.
“We are excited to partner with American Securities as we look to innovate and produce the highest quality products available in the markets we serve, strengthen our operating focus and explore other initiatives to further expand out businesses,” she said.