Private equity firm Inflexion is seeking to cash in on the growing consumer demand for experiences with the purchase of Virgin Experience Days.
Virgin Experience Days arranges one-off adventure days for consumers and businesses such as Spitfire flying and supercar driving.
The company sells more than 750,000 experiences a year, making revenues of around £50m.
Inflexion plans to build the event business' sales overseas and add to its product range with personalised experiences.
As part of the deal, the private equity firm introduced Simon McMurtrie, a leisure expert, as chairman.
Tim Smallbone, head of enterprise at Inflexion, said: "Virgin Experience Days is a globally recognised and respected brand with international growth potential. We're delighted to back an ambitious management team in a sector where Inflexion has a strong track record, with businesses such as On the Beach, Reed & Mackay and Reward Gateway."
The purchase marks the third investment Inflexion's enterprise fund has made this year.