Baby clothing and maternity wear retailer, JoJo Maman Bébé, has been snapped up by Next and a group of investment firms, according to The Guardian. 

Laura Tenison, who started the business in 1993 told the publication that the new owners had “exciting plans to expand and grow the brand much faster than we ever could, giving us the opportunity to open in new markets.” As part of the deal, Tenison will be leaving the business. 

“Growing JoJo from a kitchen table startup to being the U.K.’s leading specialist boutique mother and baby brand has been my priority for the past 30 years,” she told The Guardian. “I’m exceptionally proud of our achievements, and excited by the opportunities this new partnership will offer to the brand’s future.” 

56% of the firm’s shares have been acquired by investment companies managed or advised by the hedge fund, Davidson Kempner Capital Management. Next has taken on 44%. The shares were acquired from existing JoJo shareholders. Next said the business would retain its management autonomy and creative independence, and it will also make a £16.3 million investment in the brand.