Mother and baby brand JoJo Maman Bébé has been snapped up by Next Plc and a number of investment funds and vehicles managed by Davidson Kempner Capital Management.

Next acquired a 44 percent stake in the UK company, from the shares of existing shareholders, while other investment firms acquired the remaining 56 percent.

Upon the completion of the deal, Next said it will be making an equity investment of 16.3 million pounds, financed by its own cash resources.

As part of the agreement, founder Laura Tenison will be leaving the business, replaced by the company’s former commercial director, Gwynn Milligan, who will resume the position of CEO.

No redundancies are to be anticipated.

Integrating Next infrastructure for international growth

In a release, Tenison said: “Growing JoJo from a kitchen table start-up to being the UK’s leading specialist boutique mother and baby brand has been my priority for the past 30 years. I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future.”

In a Q&A letter to the company’s employees, acquired by FashionUnited, Tenison also said Next had “exciting plans to expand and grow the brand” at a faster rate, opening up potential opportunities in new markets.

JoJo will retain its management and creative independence while benefiting from the collective experience of Next and Davidson Kempner.

Additionally, the brand will also continue to operate its 87 retail stores and online website, with the plan to integrate Next’s Total Platform arrangement to further expand its infrastructure and capabilities and drive international growth.

Simon Wolfson, Next’s chief executive, said: “JoJo Maman Bébé is an outstanding brand in the maternity and children’s sectors - markets we have been present in for a very long time. Next is therefore delighted at the prospect of its Total Platform supporting JoJo on the next stage of its growth and development.

“We are excited to see what can be achieved through the combination of JoJo’s exceptional product with Next infrastructure and Davidson Kempner as our investment partner.”