Textiles group Davis Service has raised £166 million from the sale of its business that builds mobile classrooms.
Elliott was bought out by its management using funds provided by private equity firm TDR Capital.
The sale leaves Davis focused on its core textiles maintenance business after it also sold tool hire business HSS more than a year ago.
Elliott constructs detention centres, army barracks and university accommodation as well as social housing, homes for key workers, hotels and portable toilets.
It operates from five manufacturing sites across the country and a network of 35 hire depots. In its last financial year, the group made underlying operating profits of £ 17 . 8 million on sales of £146.2 million.
Davis told its annual meeting last month that orders for direct sales for Elliott's products had been disappointing, especially from the public sector, whilst its hire and rental activity businesses continued to plan.
Davis' textiles business rents, launders and maintains items such as bedlinen and table cloths for hotels, nursing homes, restaurants, ships, aircraft, kitchens and canteens. Davis also announced that it planned to return up to £150 million to shareholders.