The group, which operates the Racing Green, Suits You, Young's Hire and Chester Barrie fascias, was sold by the Brick family for an estimated£30 million. Gresham Private Equity provided financial backing for the deal.
Wright has been circling the retail market for buy-in opportunities since he left Moss Bros early last year. His interest in SRG was first reported in Retail Week on October 21.
Ex-managing director Brian Brick will stay on as non-executive director. The new management team plans to open 35 stores in the next three years. Racing Green is in line for significant brand and retail investment, with a womenswear line planned for autumn next year.
Wright, also a Bluewater managing director, will become the group's chief executive, while his former Bluewater colleague Steve Johnson will become financial director. Former Lee Cooper chief executive Paul Hick will join as chairman.
Wright said: 'This is a strong company, in a growing sector that is being driven by renewed interest in well-cut, well-made, high quality suits. There is a real opportunity to achieve further growth through investment in our people, brands and new stores.'