Olympia Tools (UK) Ltd has been acquired by Dormole Ltd, the parent company of Toolbank.
Olympia Tools md John Bramwell said: "We are absolutely delighted with this development. Dormole will be able to provide us with the resources necessary to enable us to continue our product development programme and to further improve our customer service commitment.
"All the directors of Olympia UK will remain in our current roles and the company will continue to trade as normal via our existing customer network."
For Dormole, business development director Tim Strong said: "Olympia provides many unique and respected products to the industry through brands such as Roughneck, Gorilla Bars, The Mutt, Wood Grenade etc."