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Arcapita buys majority interest in J. Jill from Golden Gate
18
May '11
CIT Group Inc, a leading provider of financing to small businesses and middle market companies, announced that it has provided a $40 million senior secured asset based revolving credit facility to J. Jill, a vertically integrated multi-channel specialty retailer of women's apparel.

The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT, to facilitate the acquisition of a majority stake in J. Jill by an affiliate of Arcapita Bank BSC, an international investment firm, from Golden Gate Capital, a private equity firm. Terms of the transaction were not disclosed.

CIT Commercial & Industrial served as Administrative Agent, Collateral Agent and Joint Bookrunner for the financing, which also provides J. Jill working capital for ongoing operations. J. Jill maintains 225 retail stores around the United States employing more than 2,800 associates. Including J. Jill, CIT has completed four transactions on behalf of Arcapita totaling approximately $300 million in financing.

“This transaction highlights CIT's expertise in retail financing and dedication to supporting middle market companies and their sponsors,” said Bill Kearney, Senior Vice President, CIT Commercial & Industrial, Retail Finance. “Our long-term relationship with Arcapita allowed us to develop a customized financing solution to complete the acquisition, while also providing working capital to J. Jill.”

Scott Buschmann, Principal of Arcapita Bank BSC, said, “CIT's knowledge of the retail space and leveraged finance, as well as their understanding of the specific nature of our financing needs, made them a logical partner in this transaction.”

Burt Feinberg, Group Head of CIT Commercial & Industrial, said, “Our prior experience working in the retail space allowed us to facilitate this financing as we fully understand J. Jill's business model. They have a talented and experienced management team, and have done a phenomenal job merchandising their product and providing value to their target customer while continuously improving efficiency in sourcing, marketing and distribution, .enabling them to successfully maximize their multi channel retail strategy.”

According to the National Retail Federation, in the U.S., the retail industry consists of more than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales of $2.4 trillion.

CIT Group Inc

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