The acquisition will see the County Durham business become one of the largest suppliers of gift hampers in the country.
Following the acquisition, both luxury hamper specialists Spicers of Hythe and ladies golf business, One Up Golf will operate as part of Lanchester Gifts.
Lanchester Gifts specialises in the design, development and packing of bespoke food and drink gifts for businesses, high street retailers and, through its website First4Hampers, consumers.
Tony Cleary, managing director of the group, said: “Spicers of Hythe has a long tradition of delivering exceptional range, quality and value of hampers making it a perfect fit for Lanchester Gifts.
“As a third generation family-owned business, managing director Ian Spicer has instilled many similar values and ethics as at Lanchester, which is also a family-owned business.
“The Spicers of Hythe team have done an excellent job of growing the business, which is renowned for supplying hampers of distinction and now is the right time to pass on the baton to the next stage in its evolutionary growth.
“We look forward to working with Ian and his team to provide our customers both new and old with exciting and innovative gift offerings.”
The acquisition of the £5m turnover firm, which was established in 1926, forms part of a longer term strategy for the group that will see combined turnover increase towards £100m over the next year.
Both Lanchester Gifts and Spicers will continue to operate as individual entities resulting in a seamless, ongoing service to all customers.
The Lanchester group of companies includes Lanchester Wines, Lanchester Gifts, Greencroft Bottling, Lanchester Energy and Lanchester Property.