Camping group acquired by rival brand.
Gelert, based in Porthmadog, was founded in 1975.
Last year the company decided to shut its Porthmadog distribution centre after losing a contract with its largest customer.
Yeomans is owned by dealmaker Jason Granite after he bought the company in July 2011. It is understood he plans to merge the businesses after wrapping up the deal.
Gelert''s most recent accounts, for the year to December 31 2009, revealed a pre-tax profit of pounds 410,020 on turnover of pounds 33.7m. The company supplies goods to retailers including Argos.
The closure of its Porthmadog distribution facility placed about 100 jobs at risk. It is as yet unclear what the sale will mean for workers.