Exponent described The TES as a "fantastic franchise, the august publication of the education world", and said it was committed to improving the products it offers to teachers, lecturers and other education staff.
Bernard Gray, the former chief executive of CMP Information and UAP, the UK professional media division of United Business Media, replaces James MacManus as chief executive.
Stuart Wallis, who has held positions at Euramax International, Tetley Group and the LLP Group, the owner of the Lloyd's List, will be the new chairman.
Mr Gray, who attended Hitchin grammar and is a former Financial Times journalist and Ministry of Defence special adviser, said: "It is a big responsibility for us to take on the publication of The TES, which has provided unrivalled information, advice and entertainment in schools and colleges for a century. Our task is to listen to our readers."
He suggested that Exponent would look to develop both the online and print versions of The TES.
Exponent Private Equity was founded in August last year by four senior investment professionals who have been responsible for businesses including Travelex, Go-Fly and Thomson Directories.