SafetyKleen on auction block

SafetyKleen Europe, a cleaning chemicals business, is close to being sold by its private equity backer CCMP Capital, which spun out of JPMorgan in 2005.

CCMP is understood to have agreed staple financing with banks. The firm hired Goldman Sachs to launch a strategic review of SafetyKleen Europe last December with expectations of a £600m (US$1.168bn) price tag.

SafetyKleen was acquired by CCMP from rival private equity group Electra Partners Europe for £280m in 2004. A £194m recapitalisation has since been carried out.