Exponent Private Equity took a majority stake in Bullitt Group, the smartphone company which offers devices using brands including Kodak and Caterpillar.
According to Financial Times, the UK-based player had been looking to bring in outside investment to fund its expansion. While there had been interest from the US, it ended up working with UK-based Exponent, which made investments in diverse companies including Radley handbags, vegetarian food company Quorn and tool hire company HSS.
While the size of the investment was not revealed, a previously reported figure of £100 million was branded inaccurate.
Taking over as chairman of Bullitt Group is Pieter Knook, who previously held senior roles at Microsoft and Vodafone Group.
Bullitt Group financial documents released recently show the company generated a 36 per cent increase in sales to $134.6 million for calendar 2016, with the number of devices shifted increasing by nearly 30 per cent.