A little-known private equity firm is set to take on the toughest job in corporate Japan: Turning around Toshiba.

Japan Industrial Partners (JIP) is spearheading a $14 billion takeover that saw the troubled conglomerate delist on Wednesday after 74 years on the Tokyo exchange.

While not a global player, JIP has quietly built up a track record by carving out businesses from big manufacturers, such as Sony's laptop arm and Olympus' camera unit. Led by a former banker with a Wharton MBA, it has a reputation for being hands-on with its acquisitions, and for thrift — its executives fly economy.