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Next has partnered with a group of finance firms headed by Davidson Kemper to acquire babywear retailer Jojo Maman Bebe for an undisclosed sum.
According to BBC News, the deal will see Next acquire a 44% stake in the company with the remaining 56% to be managed by the finance firms including and managed by Davidson Kemper.
It also revealed that Jojo Maman Bebe founder Laura Tenison is set to leave the business and will be succeeded as chief executive officer by current commercial director Gwynn Milligan.
It is thought there will be no immediate job losses following the deal, with the retailer currently employing around 950 members of staff.
The outlet added that while the value of the deal was not disclosed it is believed that Next has made an £16m investment and is planning to expand the brand internationally by using its own infrastructure.
Simon Wolfson, Next chief executive, said: “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.”
