CCMP Capital Advisors, formerly the buyout arm of investment bank JP Morgan, is a step closer to selling cleaning chemicals company SafetyKleen Europe after banks provisionally agreed to provide staple financing to back a buyout of the company.

CCMP began examining exit options for the UK-based company in December when it appointed Goldman Sachs to conduct a strategic review, with a source valuing the business at about £600m (€832m).