Shoe retailer Stead & Simpson has been bought by its management for £50m.
The company is the UK's third largest shoe retailer
The deal was backed by the Bank of Scotland, which is said to be taking a minority stake in the company.
Stead & Simpson trades under its own name as well as the Shoe Express, Lilley & Skinner, Famous Footwear and Peter Briggs brands.
The UK's third-largest shoe retailer, it has more than 400 stores across the UK. Founded in 1834, it stopped making shoes in the 1960s.
The buyout, led by chief executive David Lockyer and finance director Peter Foot, marks the end of the involvement of investor Development Securities, which bought into the business in the 1980s.
The deal is believed to be handing the company's retiring chairman, John Shannon, a windfall of more than £15m.