Close Brothers Private Equity (CBPE), the buy-out arm of the UK merchant bank, has clinched a complicated deal to buy Fosroc Mining, a global chemicals division, from BP.

Fosroc Mining was bought in a £32m (€48m) cash-and-assumed-debt deal with the company's management as part of BP's strategy to streamline its business and shed non-core assets. An industry source said 3i was also interested in the company.