Next and hedge fund Davidson Kempner have partnered to acquire mother-and-baby retailer JoJo Maman Bébé for an undisclosed sum.

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Next has said it is keen to keep JoJo Maman Bébé stores “where they are trading profitably”

Next has acquired 44% of JoJo Maman Bébé’s shares, with the other 56% acquired by investment companies managed or advised by Davidson Kempner Capital Management, as first reported by The Guardian.

These shares were acquired from the mother-and-baby retailer’s existing shareholders, including founder Laura Tenison, who will leave the business as part of the acquisition deal.

JoJo Maman Bébé has 87 retail outlets and 950 employees, and told staff that its new owners “are keen to keep our stores where they are trading profitably” and could also expand the retailer’s physical footprint and international ecommerce offer.

Next has said the business will retain its management autonomy and creative independence as part of the deal. JoJo Maman Bébé’s commercial director Gwynn Milligan will take over as chief executive, with other directors remaining in post, and the retailer will also receive a £16.3m investment from Next’s own cash resources.

Next chief executive Simon Wolfson 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.”

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