Mother and baby brand JoJo Maman Bébé has been acquired by Next Plc and a number of investment funds and vehicles managed by Davidson Kempner Capital Management.
Next acquired a 44% stake in the British company, from the shares of existing shareholders, while other investment companies acquired the remaining 56%.
Once the deal is done, Next announced that it would make a capital investment of £16.3m, funded by its own cash.
As part of the deal, founder Laura Tenison will leave the company, replaced by the company’s former chief commercial officer, Gwynn Milligan, who will take over as CEO.
No layoffs are expected.
Integrate the Next infrastructure for international growth
In a statement, Tenison said: “Turning JoJo from a kitchen table start-up to the leading specialist boutique brand for mothers and babies in the UK has been my priority for the past 30 years. I am exceptionally proud of our accomplishments and excited about the opportunities this new partnership will provide for the future of the brand.
In a Q&A letter to employees of the company, acquired by FashionUnited, Tenison also said Next has “exciting plans to grow and grow the brand” at a faster pace, opening up potential opportunities in new markets. .
JoJo will retain its managerial 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 plans to integrate Next’s Total Platform arrangement to further expand its infrastructure and capabilities and drive international growth.
Simon Wolfson, Managing Director of Next, said: “JoJo Maman Bébé is an exceptional brand in the maternity and childcare sectors, markets in which we have been present for a very long time. Next is therefore looking forward to its Total Platform supporting JoJo in the next stage of its growth and development.
“We are excited to see what can be achieved through the combination of JoJo’s outstanding product with the Next infrastructure and Davidson Kempner as an investment partner.”