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.
Lazard Ltd (Lazard) is holding company. Lazard is a financial advisory and asset management company. Shares of LAZ fell by 1.39% or $-0.48/share to $34.12. In the past year, the shares have traded as low as $22.21 and as high as $38.36. On average, 783113 shares of LAZ exchange hands on a given day and today's volume is recorded at 433422.
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