Ian Bidmead, who has been managing director of the company since 2012 will continue in his post along with Louise Chuter and all of the senior management team.
Bidmead said: "It will be largely 'business as usual' for customers, staff and suppliers alike, as this is an 'arms length' acquisition, but we are fortunate to have the backing of such a large and respected organisation as Nisbets behind us, and all of the team are extremely positive about the change.”
Mike Mellor, founder of the business in 2000, will leave in the summer.
Mellor added: "I am delighted that Nisbets have invested in Space and taken over my shareholding. I cannot think of a more perfect partner to support Ian and the team to take the business forward.
“After thirty years in the catering equipment industry, it is the right time for me to exit and I leave the company in great shape, in good hands and with the backing of one of the industry's leading companies."
The Space business will continue to trade from its headquarters in Gloucester with manufacturing at Holmes Catering Equipment Solutions in York.