The firm bought into CPG for an undisclosed sum in 2005, and is now looking to exit the business according to three sources which spoke to Reuters.
They said AEA had hired Barclays and Deutsche Bank to explore a potential sale, which is likely to value the business at between $1bn and $1.5bn.
It said the company was expected to begin conversations about a sale to either private equity or industry rivals in the next few weeks.
CPG makes high-performance building products for the residential, commercial and industrial markets, including porches and decking, locker systems and counter tops.
AEA is one of the oldest buyout houses in the business having been founded in 1968, and currently has more than $3.6bn under management.
It targets deals in the speciality chemicals, value-added industrial, consumer products and service industries related to these sectors.
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