CIT funds fashion chain purchase

CIT Group has announced that CIT Corporate Finance served as administrative agent on a $40 million senior secured asset-based revolving credit facility for TowerBrook Capital Partners, a private equity firm, which was used to fund an acquisition in the womens’ fashion retail sector.

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 US commercial bank subsidiary of CIT.

The J.Jill brand is recognized for style, comfort and quality. With a strong and evolving data-driven omni-channel platform, J.Jill is focused 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.

Bill Kearney, managing director, CIT Commercial and 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.”