Exponent Private Equity has bought HSS Hire Services, a tool and equipment rental group part-owned by ITV chairman and ex-Asda chief Archie Norman.
HSS employs 2,000 staff across a nationwide network of 230 distribution centres and lets equipment such as drills and carpet cleaners.
The business has managed to grow through the double-dip recession, sales increasing five per cent last year to £180.3m (€224.7m) and profits reaching £39.9m.
HSS's management team have all rolled over equity as part of the latest deal, which follows an MBO supported by hedge fund Och-Ziff and Archie Norman's investment vehicle Aurigo, the two funds buying off 3i in 2007 for £310m.
Norman, a former Conservative MP, is credited with putting Asda back on its feet in the 1990s when he was chief executive of the UK supermarket.
The deal comes two months after Exponent acquired payments and credit card processing firm Fintrax Group for €170m.
The mid-market private equity firm hoped to make £400m this summer from the sale of trainline.com but pulled the process after second-round bidding peaked at £250m. Bridgepoint, HgCapital, Montagu and Blackstone were all linked to the early stages of the auction.