Next has teamed up with a group of investment companies led by hedge fund Davidson Kempner to acquire the JoJo Maman Bébé baby products retailer.
According to a report by the BBC, Next has taken 44% of the company’s shares while the rest have been acquired by investment companies managed or advised by Davidson Kempner.
The deal will also include JoJo Maman Bébé founder Laura Tenison leaving the business and the company’s commercial director, Gwynn Milligan, taking over as chief executive.
Tenison founded JoJo Maman Bébé almost 30 years ago from her kitchen table. It now operates 87 stores across the UK and is understood to employ 950 people.
Next will be investing £16.3 million into the brand using its own cash and, according to the report, is planning to expand it globally through Next’s online infrastructure.
Under the deal, there will be no immediate job losses at JoJo Maman Bébé.
