Irving Place has hired Baird to advise on the sale and Sentinel Capital Partners has already received federal antitrust clearance to acquire the company, said PeHUB.
The firm invested in PlayCore from its $2.7bn third fund in February 2007 when it was known as Bear Stearns Merchant Banking.
Irving Place’s recent exits include the sale of metal cutting, gas control, and specialty welding products maker Victor Technologies to Colfax Corporation in February this year.
The firm received a return of more than three times from that deal.
Last year Irving and peer Oaktree exited paperboard packaging company Chesapeake to Carlyle.
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