The UK’s largest promotional merchandise distributor, Brand Addition is to be sold for £60m.

The American private equity house HIG Capital is expected to complete the deal this week, selling the business to rival Elysian Capital and the company’s management.

Brand Addition was featured in the 2015 Sunday Times International Track 200, which ranks Britain’s medium-sized private companies with the fastest-growing sales.

The company was bought by HIG from 4imprint for £24m in 2012 and is led by CEO, by Chris Lee employing 300 people throughout Europe, Asia and America.