CIT Corporate Finance served as Administrative Agent on a USD40 million senior secured asset-based revolving credit facility for TowerBrook Capital Partners, a private equity firm.
The financing was used to facilitate the acquisition of a majority stake in J.Jill, a vertically integrated, multi-channel retailer of women’s apparel, accessories and footwear, from an affiliate of Arcapita Bank BSC, an international investment firm. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
The J.Jill brand and focused product is designed for women who lead rich, full lives and is recognised for style, comfort and quality. With a strong and evolving data-driven omni-channel platform, J.Jill has an intense focus on establishing strong connections with new and existing customers through unique monthly collections and an expanding base of over 250 stores, a catalog and website. With a strong foundation and a loyal customer base attracted to the brand’s relaxed, inspired style, J.Jill is positioned to seek continued momentum and growth in a dynamic and rapidly changing retail landscape.
Bill Kearney, Managing Director, CIT Commercial & Industrial, Retail Finance, says: “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. We look forward to continuing to work with J.Jill and TowerBrook as they pursue their future objectives.”
