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Talbots completes sale of J. Jill assets
03 Jul '09
1 min read
The Talbots Inc announced that it has completed its previously announced sale of the J. Jill brand business to Jill Acquisition LLC, an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm.
As part of the terms of the Asset Purchase Agreement, dated June 7, 2009, identified assets associated with the J. Jill brand business were acquired by Jill Acquisition LLC, including 205 J. Jill brand stores, the Tilton, NH distribution facility, intellectual property, accounts receivable and inventory related to the transferred stores, along with certain related liabilities.
The sale of the J. Jill business is part of Talbots strategy to focus its time, resources and attention exclusively on rejuvenating its core Talbots brand and return to profitable growth.
At closing Jill Acquisition LLC paid the $75 million stated cash purchase price less an $8.1 million adjustment based on estimated closing date working capital as outlined in the purchase agreement.
Moelis & Company acted as Talbots exclusive financial advisor on the transaction and both Dewey & LeBoeuf LLP and Day Pitney LLP acted as counsel. Kirkland & Ellis LLP acted as counsel to Golden Gate Capital.
As part of the terms of the Asset Purchase Agreement, dated June 7, 2009, identified assets associated with the J. Jill brand business were acquired by Jill Acquisition LLC, including 205 J. Jill brand stores, the Tilton, NH distribution facility, intellectual property, accounts receivable and inventory related to the transferred stores, along with certain related liabilities.
The sale of the J. Jill business is part of Talbots strategy to focus its time, resources and attention exclusively on rejuvenating its core Talbots brand and return to profitable growth.
At closing Jill Acquisition LLC paid the $75 million stated cash purchase price less an $8.1 million adjustment based on estimated closing date working capital as outlined in the purchase agreement.
Moelis & Company acted as Talbots exclusive financial advisor on the transaction and both Dewey & LeBoeuf LLP and Day Pitney LLP acted as counsel. Kirkland & Ellis LLP acted as counsel to Golden Gate Capital.
Talbots Inc
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