CIT has provided $40 million in financing to support TowerBrook Capital Partners‘ acquisition of women’s retailer J.Jill. The seller was Arcapita Bank BSC.
NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Corporate Finance served as Administrative Agent on a $40 million senior secured asset-based revolving credit facility for TowerBrook Capital Partners L.P., 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 recognized 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, said, “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.”
Fred Aldin, Senior Director, CIT Sponsor Finance, said, “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.”
About TowerBrook Capital Partners
TowerBrook Capital Partners L.P. is an investment management firm with approximately $7.5 billion under management and a track record of creating value for investors. The firm is based in Europe and the United States and focuses on making investments in European and North American companies. TowerBrook primarily pursues control-oriented investments in large and middle market companies, partnering with highly capable management teams and seeking situations characterized by complexity. Further information is available at towerbrook.com.
J.Jill is easy, relaxed, inspired style. An omni-channel premier retailer of misses’, petite, tall and women’s clothing, in addition to accessories and footwear, J.Jill is committed to delight, inspire and guide customers with a new collection every month that is delivered through 250 stores nationwide, 26 catalogs and a robust ecommerce experience. J.Jill is headquartered outside Boston.
For more information, please visit JJill.com.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of March 31, 2015, it had more than $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation industry worldwide. Its U.S. commercial bank subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com