Sun Capital Partners, the US private equity firm, is offering to sell specialty chemicals firm Emerald Performance Materials in a deal purportedly worth US$700 million. The offer was first reported by Reuters, quoting four sources familiar with the transaction who spoke on condition of anonymity.

For the financial advice, Sun Capital has engaged the services of Lazard Ltd. According to the report, the sale is likely to attract bids from other private equity firms.

The Ohio based firm is in the production and marketing of technologically advanced specialty chemicals on a broad range of applications in both the food and industrial purposes.

There are other roles that Emerald products play in the market. The chemicals produced help make products to last longer or be better in the aerospace, beverage, cosmetics, food, household, industrial and other products and applications.

Emerald was formed as a conglomeration by Sun Capital back in 2006 after its acquisition of Lubrizol and four other business groups and eight operations with nearly 750 employees all in all.