Consumer products group JML has acquired a 50 percent stake in a Nottinghamshire company which produces bean bag stands for phones and tablets.
The deal for DeVancer, which is behind the iBeani range, means the company can take advantage of JML's infrastructure to push forward with growth plans which includes increasing its product range and distribution network of retailers.
The products are currently sold through online platform Amazon and independent retailers but the acquisition will also allow the company to boost its online work.
Ken Daly, CEO of JML, said: "iBeani is a great brand and we see a big opportunity to rapidly expand distribution and its range of products.
"We have developed a superb relationship with the company’s founders who have impressed us with their tenacity, energy and entrepreneurial acumen.
"We are working closely with them and are providing resources to turbo charge the business into a substantial operation."
DeVancer, which was founded in 2014 and is headquartered in Warsop, near Mansfield, now has the capability to used JML's expertise and back office staff to expand.
Currently, much of its business is done in the UK, with a limited amount of Europe, but the company wants to grow more into Europe and the USA.
Ashley Freer, DeVancer's managing director, said: "It’s a proud moment when such an organisation as JML sees potential in us and our uniquely designed product.
"We are excited to learn from the great team at JML as we enter the next chapter of our business journey together.
"We have great ambitions for the iBeani brand and we are confident JML can help us achieve them, creating a successful global brand and a range of quality products that our consumers will love."
