Medical liaison company 24/7 Assist has been bought by Quaestor Capital after collapsing into debt.
Quaestor, founded by ex-Trenwick International credit and bond underwriter Arthur Goldberg, bought the business including book debts, work in progress and the trading name.
The 24/7 Assist Group includes a London base, call centre in Spain and a joint venture with International Medical Services in Texas.
Goldberg said 24/7 chief executive Jan Dalrymple-White had left the group "to pursue other interests". He said managing director Brian Barlow would remain in charge with existing staff.
The new management team had been given a "sizeable chunk" of equity in the company.
The group hit difficulties in December after the collapse of sister company, the Travel Protection Group .
Goldberg said: "The business was reliant on TPG for its income.
"We need to bring other business into the company for it to grow naturally and that's our plan. It was being restricted by its past with TPG so underwriters and brokers were reluctant to use it. With us taking it over, that falls away."
Staff, who were not paid wages for May, greeted the new owners "with open arms," he said.