CIT Provides $40 Million Financing to Towerbrook Capital Partners for Acquisition of J.Jill
May 20 2015 - 8:30AM
Business Wire
- CIT Serves as Administrative Agent for
Senior Secured Asset-Based Revolving Credit Facility
- J.Jill is a Vertically Integrated,
Multi-Channel Retailer of Women’s Apparel and an Existing CIT
Customer
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.”
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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.
About J.Jill
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
About CIT
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
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CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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