CIT Corporate Finance was the Administrative Agent on a $40 million senior secured asset-based revolving credit facility for TowerBrook Capital Partners to facilitate the acquisition of a majority stake in J.Jill, a multi-channel retailer of women’s apparel, accessories and footwear. TowerBrook purchased J.Jill from Arcapita and Golden Gate Capital which acquired the company in July 2009 from Talbots.
“TowerBrook has a long track record of success in the consumer and retail markets, which makes it an ideal sponsor partner for J.Jill. CIT is pleased to have provided this facility for TowerBrook and we look forward to continuing to support and grow this important sponsor relationship,” said Fred Aldin, Senior Director, CIT Sponsor Finance.
TowerBrook’s experience in the consumer retail and luxury space includes investments in Jimmy Choo, True Religion, Kaporal and Phase Eight. More generally, the firm makes control investments in large and middle market companies across and array of industries. TowerBrook has approximately $7.5 billion of capital under management and has offices in New York, London, and San Francisco (www.towerbrook.com).
J.Jill is a multi-channel retailer of woman’s apparel. The company sells its merchandise through 205 stores across the United States, through its website, and through 26 published catalogs per year. Originally founded in 1959, J. Jill is headquartered outside of Boston in Quincy, MA (www.jjill.com).
“J.Jill has executed on its multi-channel retail strategy and driven solid growth during the ongoing economic rebound. After years of working together, CIT has a deep understanding of J.Jill’s strategy and operations, allowing us to quickly and confidently arrange this financing,” said Bill Kearney, Managing Director, CIT Commercial & Industrial, Retail Finance. “We look forward to continuing to work with J.Jill and TowerBrook as they pursue their future objectives.”
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors with a focus on specific industries, including: chemicals, commercial real estate, communications, energy, entertainment, gaming, healthcare, industrials, information services & technology, restaurants, retail, and sports & media (www.cit.com/corporatefinance). The corporate finance group is part of CIT, a bank holding company with more than $35 billion in assets. CIT was founded in 1908 and is based in New York (www.cit.com).
2015 PEPD • Private Equity’s Leading News Magazine • 5-20-15