Papers were signed on Wednesday with an agreement to keep the same management and employees.
Allmand Brothers is a fourth generation business and has been in Holdrege for 76 years.
Officials say while it's like selling the family farm, it's also an exciting opportunity.
"I think it will be a significant step for us. We continue to grow on our own," said Allmand Brothers Board Chair Roger Allmand, "but there's a lot of opportunity out there current and in the future that we look forward to taking advantage of with their backing and their help that we like to couldn't ourselves."
Allmand Brothers manufactures equipment used in the construction, mining and oil and gas industries that includes portable floodlights, industrial heaters and directional signs.