Electra Partners Europe has sold Safety-Kleen, a UK automotive cleaning products manufacturer, to rival private equity firm JP Morgan Partners despite attracting interest from trade buyers during the auction.
The £273.5m (€410m) sale is one of a host of recent secondary deals, where one private equity firm sells a business to another. Electra said it netted 4.6 times its original investment in Safety-Kleen and an annualised rate of return of 40%.
