Financial terms of the deal has not been disclosed.
Chief Executive Russell Kew, Chief Operating Officer John Burrows, and their management team remain in charge of the company. Similarly, there will be no changes to staffing, pricing, routes or schedules as a result of the change of ownership.
Wightlink Ferries is the main link between the Isle of Wight and the mainland. Every year, the firm carries over 4.8 million passengers, making it one of the UK's largest domestic ferry operators. They provide Island residents and holidaymakers with an easy and frequent service to the mainland.
Under MEIF's ownership Wightlink invested £70 million in five new ships and improved facilities, and the company reached peak levels of reliability and punctuality.
BBIP LLP Partner Steven Lowry says:
"Wightlink is a strong and stable company with the opportunity to grow and develop in the years to come. We are delighted to be the new owners of the largest cross-Solent ferry operator and are committed to investing in the business, and supporting the management team's focus on safety and improving customer service."
Russell Kew says:
"Wightlink has a strong and secure future with its new shareholders, which is good news for the company, our customers and our staff. We look forward to working with BBIP to grow the business in years to come."