Advent International, the private equity house, is set to sell its 21% stake in Loxam, a French building equipment leasing company, which it has held since 1999.

The deal, which will lead to Loxam's management team regaining a controlling stake, is likely to value the company at €520m ($635m), compared with €280m when Advent joined the 1999 secondary leveraged buy-out (LBO).