Sightseeing firm Big Bus Tours has confirmed that Exponent Private Equity has agreed to acquire the company.
No price was given for the deal by the firm which invests in UK-based businesses with enterprise values between £75 million and £350 million.
Exponent works with businesses across a broad range of sectors to unlock value and drive growth.
Big Bus Tours runs a combined fleet of over 300 buses carrying more than four million passengers a year across 16 cities including Abu Dhabi, Budapest, Dubai, Hong Kong, Istanbul, Las Vegas, London, Miami, Muscat, New York, Paris, Philadelphia, San Francisco, Shanghai, Vienna and Washington.
The company appointed JP Morgan in October to lead a review of the business, which then led to the sale to Exponent.
Chief executive Pat Waterman said: “We look forward to the next phase of growth, and fulfilling our strategic objectives working closely with Exponent to deliver an enhanced customer experience, global expansion and a market leading position.
“We would also like to thank our former shareholders who have created such a valuable and unique business, many of whom have chosen to remain investors in the new venture.”
Richard Lenane of Exponent said: “We are delighted to be investing, alongside the management and existing shareholders, in Big Bus Tours.
“The business is the industry leader in an exciting and growing market. We are looking forward to working with Pat and his team to help the business reach its full potential.”