Manfield's team of partners includes Jeremy Blood, former managing director of Scottish & Newcastle.
Stefan Orlowski, managing director for Heineken UK, said: "We are very pleased to have agreed this deal with Manfield and it provides a strong position for all three parties.
"From a Heineken perspective, the sale enables us to better concentrate attention on our core business and to focus investment behind our brands.
"For WTBS, it builds on a successful restructuring programme already in place, and the new owners will be well placed to develop the business further, bringing the focus and strategic direction that will come from independent operation. Importantly, Manfield recognises the quality of people we have in Waverley TBS and that they will be critical to long term success."
A new board structure will be put in place which will involve both members of the WTBS and Manfield management teams. Mark Gerken has stepped down from his role as chairman of WTBS.
Heineken said the deal would not impact on current employees, who will continue to work out of its main office in Hemel Hempstead.
Jonathan Townsend, managing director of WTBS said: "Whilst we have announced new ownership, it is very much business as usual for our team and our customers.
"It is important for us to carry through the plans we have in place and to set our sights on a sustainable long term future.
"The Manfield team will help us realise these ambitions and consolidate our position as the UK's leading specialist drinks wholesaler."
WTBS subsidiary United Wine Merchants, operating in Northern Ireland, is not included in the sale and will remain part of Heineken UK.