Sun Capital, which created Emerald in 2006 out of businesses it bought from Lubrizol, has hired investment bank Lazard Ltd to advise on the process.
The company is likely to attract interest from other private equity firms, the sources said.
Emerald's earnings before interest, taxes, depreciation and amortization were over $100 million, three of the sources said, and the business could be worth at least 7 times EBITDA.
The company makes specialty chemicals that are used in food flavorings and fragrances as well as industrial applications.
Sun Capital, Emerald and Lazard could not be immediately reached for comment.
