Worcestershire-based Halfords will take control of Boardman Bikes and Boardman International, which the racer set up with partners Alan Ingarfield and Sarah Mooney in 2004.
The retailer has a long-standing relationship with the former champion, who has designed the Boardman Performance Series exclusively for Halfords since 2007. The range of these bikes cater for the leisure cyclist to the serious enthusiast and cost between £500 and £2,000.
The business Halfords is buying also includes the Boardman Elite Series for world-class athletes, including triathletes Alistair and Jonny Brownlee. These bikes are sold through independent retailers around the world and range from £2,000 to £5,500.
Mr Boardman, who won the individual pursuit gold medal at the 1992 Olympics in Barcelona, had a 10% stake in the business and will remain at the firm as chairman and design director. Today's sale price has not been disclosed.
In recent years Halfords' bike sales have benefited from the success of champions such as Sir Chris Hoy, Sir Bradley Wiggins and Victoria Pendleton.