Investment firm Ramphastos Investments plans to acquire retail chain HEMA BV and its debt for an undisclosed amount.

HEMA is owned by London-based Lion Capital LLP. According to Reuters, Lion Capital started looking for a buyer for HEMA over a year ago following a failed attempt to sell the retailer in 2010.

"With its new owner, HEMA can focus fully in the next few years on online growth, international expansion and improving profitability," the company said in a statement.

In 2017, Hema operated 735 stores in the Netherlands, Belgium, Luxembourg, Germany, the U.K., Spain and France, according to its 2017 annual report.