• United Initiators valued at more than 400 million euros
  • Asset sale in early stages; attracting PE and trade buyers

Vision Capital LLP is seeking a buyer for specialty chemicals maker United Initiators that’s valued at more than 400 million euros ($451 million), according to people with knowledge of the situation.

The sale of the Pullach, Germany-based business is at an early stage and is attracting interest from private equity firms and industry bidders, said the people, who asked not to be identified because details of the plan are private. Jefferies Group LLC is advising Vision Capital on the sale.

Representatives for Vision Capital and Jefferies had no immediate comment.

Vision Capital, based in London, is looking to cash-in on an investment it made in 2011. While its origins date back to 1911, United Initiators was carved out of Evonik Industries AG in 2008, and originally sold to Speyside Equity. Competitors include Akzo Nobel NV of the Netherlands, France’s Arkema SA and closely-held PeroxyChem, based in Philadelphia.

The supplier of peroxide-based additives, used to make performance plastics, may fetch more than eight times earnings before interest, taxes, depreciation and amortization of about 45 million euros ($51 million), the people said.

Peroxide-based initiators are used to make polymers.

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