Several prospective buyers have put their hat in the ring to purchase a former Evonik unit. United Initiators has been put up for sale by private equity owner Vision Capital, according to a report published by Reuters.

Buyout groups Triton, Equistone and an Asian chemicals company are said to be in the running to acquire the specialty chemicals firm, with Vision Capital requesting final bids by the month’s close.

United Initiators is expected to fetch up to €380 million, approximately eight times its expected core earnings for the financial year.