New York private equity firm American Securities LLC said it has partnered with management to acquire Emerald Performance Materials LLC, a specialty chemicals company in Cuyahoga Falls, Ohio, from an affiliate of Sun Capital Partners Inc.
The transaction is scheduled to close in the third quarter of 2014, according to a news release from American Securities. Terms of the transaction, including the participation of Emerald Performance management, were not disclosed.
Emerald's plastics-related products include plasticizers, epoxy resins and carbon black additives. Emerald has four business groups, eight manufacturing operations and about 750 employees.
Scott Wolff, managing director of American Securities, said Emerald “offers attractive growth opportunities, defensible market positions and a diverse portfolio of high-quality businesses.”
On its website, American Securities says it “invests in market-leading North American companies with annual revenues generally ranging from $500 million to $2 billion.” American Securities and its affiliates have about $10 billion under management.
Boca Raton, Fla.-based Sun Capital Partners said in its own news release that Emerald was created from the divestiture of six separate chemicals businesses by a corporate parent.
“Significant investments in new plant equipment have enabled [Emerald] to expand capacity at its Rotterdam and Kalama, Wash., sites in order to meet increased customer demand,” Sun Capital said in the release. “Refocusing on higher margin specialty products and a commitment to investment in research and development has led to an enhanced product offering with more than 50 new products added to Emerald's portfolio in recent years.”