CIT Group Inc. has provided TowerBrook Capital Partners with $40 million in a senior secured asset-based revolving facility.
The facility, provided by CIT Group subsidiary CIT Bank, was used by the private equity firm to help with the acquisition of a majority stake in J. Jill. TowerBrook acquired the stake from an affiliate of Arcapital Bank BSC in March. Financial terms of the deal were not disclosed. The transaction is expected to close in the second quarter.
J. Jill president and chief executive officer Paula Bennett will remain with the company.
TowerBrook plans to work with the J. Jill management team to help it build its omnichannel presence, as well as identify growth opportunities.
The private equity firm counts True Religion and Kaporal Jeans as current investments in its portfolio, with Jimmy Choo and Phase Eight as past investments that it has exited.
The J. Jill business, which includes women’s apparel, accessories and footwear, has more than 250 stores, plus its catalogue and Web site operations. It targets the female baby boomer market.