Chief Executive George Fraser and chairman Tom Allison led the acquisition, which sees the Inverness-based housebuilders retain 40% from US finance giants Goldman Sachs and TPG.
Bank of Scotland provided £30m funding to support the management team's investment in the business.
Mr Allison said: "This is a very significant chapter in the history of one of the most important companies in the Highlands and a deal which we're confident will secure the future of the business for many years to come.
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"Tulloch's 90 years of construction expertise and its reputation for developing high quality homes at reasonable prices means the company is very well placed to capitalise on the undoubted opportunities available in the years ahead."
Mr Grant said Tulloch is expected to announce turnover of over £58m and more than 280 home completions for the year to June 30, 2014.
He said: "We expect to build a further 300 homes in 2015 via a strong pipeline of developments in our core Highlands market, as well as two new developments in Aberdeenshire in the city centre and Bridge of Don."
Tulloch became part-owned by HBOS when its chairman at the time, David Sutherland, sold a 40% stake to the bank for £27.5m.
HBOS was then taken over by Lloyds Banking Group, who restructured the debt it owned in Tulloch twice, in 2009 and 2012, causing losses of £65m for the 18-month period to June 30, 2012.
The bank then sold the debt to Goldman Sachs and TPG in 2013.
(IT/JP)
