Birmingham's Old Rep Theatre has secured new management after being operated by BOA Group since 2014.
The Crescent Theatre will take over the operation of the 111-year-old Grade II listed theatre in August.
The company plans to use the venue to extend its existing performance spaces in the city and continue using it for arts training programmes in Birmingham.
Kevin Middleton, Chairman of the Crescent Theatre, said: "Both the Crescent and The Old Rep have been part of Birmingham’s cultural landscape for over a century and being able to unite two of the oldest theatre names in Birmingham is a huge milestone.
"It’s incredibly exciting and satisfying to be part of ensuring The Old Rep continues as a working theatre for the people of Birmingham while also continuing to offer modern production facilities at our existing building in Brindley Place."
BOA Group Chief Executive Kate Tague added: “The Old Rep Theatre is a crucial part of the arts landscape in Birmingham and has given young performers and new talent a home in the city for over 100 years.
"BOA Group has been honoured to operate the theatre since 2014, but the time is now right for new management to take The Old Rep to even greater heights.
"BOA wishes the Crescent every success, and we look forward to working together on new creative projects and producing BOA Group shows at both The Old Rep Theatre and the Crescent Theatre in Brindley Place.”