The Talbots, Inc. has completed its previously announced sale of the J. Jill brand business to Jill Acquisition LLC. Jill Acquisition is an affiliate of Golden Gate Capital, a San Francisco-based private equity investment firm.
Jill Acquisition LLC paid $75 million in cash, less an $8.1 million adjustment based on estimated closing date working capital as outlined in the purchase agreement.
Assets acquired include the company’s Web site, 205 J. Jill brand stores, a distribution facility, intellectual property, accounts receivable and inventory.
According to a statement from Talbots, the sale will allow Talbots a chance to focus on rejuvenating its core Talbots brand and return to profitable growth.
Moelis & Company acted as Talbots exclusive financial advisor on the transaction and both Dewey & LeBoeuf LLP and Day Pitney LLP acted as counsel. Kirkland & Ellis LLP acted as counsel to Golden Gate Capital.
Golden Gate Capital is a San Francisco-based private equity investment firm based in San Francisco. Golden Gate has purchased a variety of multichannel marketers in the past, including Venus Swimwear; Crosstown Traders; Orchard Brands (which encompasses Blair, Brownstone Studio, Draper’s & Damon’s, Intimate Appeal, Lew Magram, Norm Thompson and Old Pueblo Traders, among others) and Spiegel Brands (which it has since sold). The company had failed in a 2006 bid to acquire Eddie Bauer.
