Investor Montagu Private Equity is selling retailer Maplin Electronics for £85m to another investment firm, Rutland Partners.
John Cleland, chief executive of Maplin, said Montagu had been "highly supportive", helping the retailer expand to its £220m-a-year revenue position today, and reposition it for the future.
"The recent investment we have made in our shops, our new web platform, our exciting new product range and our people is really starting to pay off," he said. "We have enjoyed very strong like-for-like performance in the first six months of 2014."
Cleland, who took the reins in 2012, will continue as chief executive.
"Our strategic plans for Maplin represent substantial growth in sales and profit, continuing on the journey already mapped out that focuses on improved customer experience in all key channels, substantially broadening our range of products and innovation, and investing in our ability to offer the best electronics and technical advice to our customers," Cleland said.
It is understood that Montagu bought Maplin in 2004 from Graphite Capital Management.
Nick Morrill, managing partner at Rutland Partners, said that while the company had done well through the recession, there is "potential still to be unlocked".
"We believe our history and the focus of our investment strategy differentiates us in the private equity market. It makes us a powerful and supportive investment partner, able to make a real difference," he said in an announcement.
The business has invested heavily in online cross-channel retailing and fulfilment disciplines, all of which are contributing to its recovery, according to Rutland Partners' statement.
Rutland's investment was supported by Investec Growth & Acquisition Finance.
John Lovering, the outgoing chairman of Maplin, said the firm had doubled annual turnover and expanded to 210 stores during Montagu's involvement. All debt and mezzanine facilities have been repaid in full.
"Maplin has been a long-term investment for Montagu. They managed the business carefully and prudently through the recession, maximising cashflow and emerging in a post-Lehman world as a deleveraged survivor," he said.
Maplin was originally founded in 1972 in Westcliff-on-Sea, Essex.
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