French industrial chemicals company Arkema is shopping its tin stabilizer business to a group of suitors that includes private equity firms, according to a source who has viewed marketing materials for the asset.

The tin stabilizer business, housed in Arkema's "functional additives" business, provides chemicals that are added into polyvinyl chloride (PVC) products, such as pipes, cables and siding used in construction. It generated about £175 million ($230 million) in revenue last year, and about £10 million in EBITDA, the source said. The unit, based in King of Prussia, Pennsylvania, has global operations. The auction process has been going on at least since late last year, according to the source.

The Valence Group, a boutique investment bank that specializes in the chemicals and materials sectors, is managing the sale. The firm's past private equity clients have included TA Associates, SK Capital Partners and Castle Harlan, according to Capital IQ. Early last year, it advised Cytec Industries in its sale of its building block chemicals business to private equity shop H.I.G. Capital in a deal valued at $180 million.

The sale process comes as Arkema focuses attention on its most profitable businesses. In November, it agreed to divest its vinyl products division to The Klesch Group.

Last month, Arkema reported that its profit rose 28% to more than £1 billion in 2011, while its fourth-quarter sales rose 17% to £1.4 billion. At the time Arkema said that Europe should remain challenging, particularly in the construction industry, Reuters reported in an earlier story.

Many private equity firms are looking to Europe for deal opportunities as companies there adjust to a challenging economy. In the last year, private equity firms have announced plans to raise $23 billion to buy distressed European assets, The New York Times reported March 27, citing data from Preqin.

Marlin Equity Partners, a Hermosa Beach, Calif.-based private equity firm managing more than $1 billion, is in the process of establishing an office in London so it can capitalize on deals in Europe.

Carve-outs from companies accounted for about 18% of U.S.-based sponsor-backed deals closed in the first quarter as of March 21, a slight increase from 16.7% of all deals in 2011, according to data from Thomson Reuters and Buyouts.

Executives in Arkema's communications department did not respond to calls seeking comment. An executive with Valence Group declined to comment.