Specialty chemical provider to the personal care sector, Emerald Performance Materials, has recently been sold to an affiliate of private equity business American Securities.
Ohio-based Emerald produces and market technologically advanced specialty chemicals and has been an affiliated portfolio company of Sun Capital Partners since 2006, with leading brands of benzoic acid and fragrances, as well as other brands supplied to the household care and food and beverage industries.
The deal was confirmed at the beginning of August, but not terms conditions or price has been disclosed by either party.
Building on strong growth
“We are excited about the completion of the sale of our company to American Securities and the opportunity to build upon the track record we have established,” said Candy Wagner, president and chief financial officer of Emerald Performance Materials.
During the eight years under Sun Capitals ownership the company claims its revenue was doubled, while there was a three-fold improvement in EBITDA.
“Emerald’s employees are enthusiastic about the next step in our future and remain committed to continued innovation and growth of our company, while helping our customers and suppliers achieve their growth goals. We have many exciting opportunities ahead of us and look forward to this next phase as an affiliate of American Securities,” said Wagner.
Targeting further growth through global expansion
Under its new ownership, Emerald is targeting to continue its path of growth through the specialized knowledge that American Securities has built up through its portfolio of businesses in the specialty chemicals area.
“We look forward to working with management to achieve Emerald’s full potential as the team executes on its strategy to expand its portfolio and global capabilities,” said Scott Wolff, managing director of American Securities.
Emerald was formed in 2006 through the divesture of six specialty chemical businesses bought from global player Lubrizol, and has been expanded through the acquisition of four further businesses under the Sun Capital ownership, which also included manufacturing operations in the Netherlands.