Graham bought the business through a $215m dividend recap and is seeking more than $400m from an exit according to peHub, which cited two sources.
It added that Harris Williams was advising the sale of Infiltrator, which makes items such as septic tanks for the waste water industry.
Graham Partners closed its third buyout fund on $515m in 2009, short of its initial $650m target.
The firm previously pulled in $463m for its second fund in 2006, above an upwardly revised target of $350m.
Graham, which was founded in 1988, has raised more than $1.7bn in total, including Graham-led co-investments.
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