German conglomerate ThyssenKrupp AG last week said it is selling Waukesha, Wis.-based scaffolding rental specialist Safway Group to Odyssey Investment Partners LLC, a private equity group.

Odyssey is acquiring ThyssenKrupp Safway Inc. as well as its Canadian subsidiary ThyssenKrupp Safway Inc. in Fort Saskatchewan, Alberta.

Odyssey is not a newcomer to the rental industry. It acquired Neff Rentals in April 2005 for about $510 million, and sold it two years later for about $900 million. It acquired the tank rental division of NES Rentals in April 2007, changing the name of that business to Evergreen Tank Solutions.

Safway has more than 90 locations in the United States and Canada and had sales of more than $700 million in 2008.

Odyssey, with offices in New York and Los Angeles, manages more than $2 billion in three private equity funds. It concentrates on majority investments in established middle-market companies in a variety of industries, including rental and industrial services.

Safway specializes in rental, erection and sales of scaffolding, offering design, engineering, training and safety services. It is No. 15 on the RER 100.