The sale to strategic buyer Quikrete could value CBP at between $700m and $800m according to Reuters, which cited three people familiar with the matter.
That figure is above the $600m Kelso bought the California-based business for in April 2005.
A report in June said Kelso had hired Barclays to find a buyer for the company.
Kelso is also said to have hired Barclays and Macquarie Group to help it sell event services company PSAV Presentation Services for up to $1bn.
The firm bought PSAV in a $413.4m deal in 2007 and is ready to sell for about seven time its $130m to $140m EBITDA according to a separate Reuters report.
Kelso could be preparing to dip its toe back into the fundraising market soon having closed its last vehicle on $5.1bn in 2008.
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