Specialist business travel firm Griffin Global Group has reportedly been sold to rival ATPI for £120 million.
Griffin, which acts as a travel agent for people working in the marine, cruise line and oil rig industries, was bought by private equity firm Inflexion in 2010.
Inflexion also owns stakes in On the Beach and clothing designer Jack Wills.
ATPI, which employs more than 1,400 staff, changed hands in 2012 in a management buyout backed by specialist asset manager Intermediate Capital Group (ICG).
Griffin Group had a turnover of £4.1 million in 2012, the period covered by its last available accounts, but made pre-tax profits of £10.3 million largely resulting from dividend receipts from other subsidiaries, the Telegraph reported.
The sale of Griffin, which was founded in 1977, comes after Inflexion floated National Accident Helpline.
Advisers at corporate finance firm Catalyst worked on the sale of the company to ATPI.