Private equity group KKR & Co is about to secure a deal to buy Capital Safety Group (CSG), a British manufacturer of safety equipment to protect against falls, for about $1.1 billion (707.7 million pounds), a source familiar with the matter said on Monday.

An agreement with the target company's owners, Arle Capital Partners -- the former buyout arm of Candover Investments -- could be announced as early as Monday, the source said. KKR declined to comment.

One of the high-profile private equity victims of the credit crunch, Candover last year decided to wind itself up, retaining a small amount of cash for follow-on investment in its portfolio companies.

Candover acquired Milton Keynes-based CSG from Electra Private Equity in 2007 for $565 million. Cinven and Warburg Pincus were among the buyout firms that looked at taking over CSG recently, the Financial Times reported last month.

(Reporting by Greg Roumeliotis in New York, editing by Dave Zimmerman)