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Report: Golden Gate Capital weighs sale for Angus Chemical

Golden Gate Capital is looking to sell its portfolio company, ANGUS Chemical Co., at a valuation of more than $1.6 billion, Bloomberg News reported, citing people with knowledge of the matter.

One source told the news outlet that Angus could sell for a multiple of more than 11x the specialty chemical company's annual EBITDA, which the people said stands at about $150 million.

The private equity firm tapped Morgan Stanley and JPMorgan Chase & Co. to run the sale process for Angus after attracting unsolicited interest from prospective buyers, sources said.

Representatives for Angus, Golden Gate and JPMorgan did not comment on the matter, while a representative for Morgan Stanley did not respond to a request for comment, according to Bloomberg.