Former Beer Seller bosses Guy Newell and Paul Horsley have bought Butcombe Brewery from its 70-year-old founder Simon Whitmore for an undisclosed price.
Newell will become managing director of Butcombe Brewery, which produces more than 15,000 barrels a year and has six pubs, and Horsley non-executive chairman.
They headed up Beer Seller for 16 years prior to its sale to Bulmer's.
"There was a lot of interest in buying Butcombe from individuals and both regional and national brewers," said Whitmore, who founded the brewer 25 years ago with wife Maureen.
"Guy and Paul were the obvious choice because they have tremendous experience of the brewing industry and we were convinced they would run the brewery not only efficiently but in the same manner as we have done.
We have also known them for nearly 20 years."
Simon and Maureen Whitmore are significant shareholders in the new company and will work full-time with Newell and Horsley for a month to ensure a smooth transition.
Whitmore will then work one day a week for a year with a particular brief to ensure that the quality of its two brands, Butcombe Bitter and Butcombe Gold, is maintained.
"It is with immense sadness we are waving the brewery goodbye," said Whitmore.
"It is a wrench to leave something you have put your heart and soul into for 25 years.
But this is tempered by the fact that we know it is in good hands and we will continue to be associated with it as shareholders."
Whitmore, formerly managing director of Courage Western and, before that, with Guinness worldwide, set up Butcombe Brewery in old farm buildings at the family home at Butcombe, Bristol, in September 1978, using his £24,000 redundancy payment from Courage to convert the buildings.