British clothing retailer Next has reportedly teamed up with a group of investors to acquire baby goods retailer JoJo Maman Bébé.
The brand will be acquired from existing JoJo shareholders including founder Laura Tenison, according to the BBC report.
As part of the deal, Next will takeover 44% of JoJo Maman Bébé’s shares, while hedge fund Davidson Kempner managed or advised investment firms will acquire the remaining 56%.
Financial terms of the deal are yet to be disclosed but the report said Next would invest £16.3m ($21.22m) in the brand.
Following the acquisition, Laura Tenison will leave the company, while there will be no job cuts immediately at JoJo Maman Bebe, the media reported.
Tenison was quoted by The Guardian as saying: “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.”
JoJo Maman Bébé specialises in baby clothing and maternity wear retailer with customers including the Duchess of Cambridge.
The retailer operates a network of 87 retail stores and digital channel. It has more than 950 employees in the UK.
Next chief executive Simon Wolfson was quoted by BBC as saying: “We are excited to see what can be achieved through the combination of JoJo’s exceptional product with Next’s infrastructure and Davidson Kempner as our investment partner.”
Last month, Next reported that its total brand sales rose by 12.1%. The company reached a franchise deal with US brand Gap last year.