Home / Knowledge / News / Apparel/Garments / Arcapita buys majority interest in J. Jill from Golden Gate
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


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search