Secondary Buyout • Retail

TowerBrook Capital Partners Acquires J.Jill

On March 31, 2015, private equity firm TowerBrook Capital Partners acquired retailer J.Jill from Golden Gate Capital and Arcapita

Acquisition Context
  • This is TowerBrook Capital Partners’ 3rd transaction in the Retail sector.
  • This is TowerBrook Capital Partners’ 23rd transaction in the United States.
  • This is TowerBrook Capital Partners’ 1st transaction in Massachusetts.
Investment Fate
  • J.Jill went public in 2017.

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M&A Deal Summary

Date March 31, 2015
Target J.Jill
Sector Retail
Buyer(s) TowerBrook Capital Partners
Sellers(s) Golden Gate Capital
Arcapita
Deal Type Secondary Buyout
Advisor(s) Morgan Stanley
Houlihan Lokey (Financial)

Target Company

J.Jill

Quincy, Massachusetts, United States
J.Jill is a multi-channel retailer of woman’s apparel. Emphasizing a sophisticated casual lifestyle, J. Jill offers its merchandise through 205 stores across the United States, a website, and catalogs. was founded in 1959 and is headquartered in Quincy, Massachusetts.
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Buyer Overview 1

Buyer

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 22.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.


Deal Context for Buyer #
Overall 46 of 101
Sector: Retail 3 of 3
Type: Secondary Buyout 11 of 29
State: Massachusetts 1 of 2
Country: United States 23 of 42
Year: 2015 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-24 Van Geloven

Tilburg, Netherlands

Van Geloven is a producer of frozen snacks and appetizers in the Benelux market. The company produces various ragouts products (such as croquettes and bitterballs), satay, nasi and bami products (ethnic Indonesian fried rice, respectively, noodle dish) and minced-meat rolls (frikadellen, hamburgers). Van Geloven was formed in 1960 and is based in Tilburg, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-29 Autodistribution

Arcueil, France

Autodistribution is a distributor of car and heavy goods vehicle parts. Autodistribution was founded in 1962 and is based in Arcueil, France.

Sell -

Seller Profiles 2

SELLER

Golden Gate Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golden Gate Capital is a large private equity firm focused on buyout and growth equity investments across a wide variety of industries. The Firm partners with management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. Sectors of interest include software and IT services, semiconductors, electronics, consumer products and retail, financial services, business services, and media. Prospective transaction types include public-to-privates, corporate extractions, bankruptcy auctions, and recapitalizations. Golden Gate Capital was formed in 2000 and is based in San Francisco, California.


Deal Context for Seller #
Overall 48 of 86
Sector: Retail 8 of 11
Type: Secondary Buyout 6 of 19
State: Massachusetts 4 of 4
Country: United States 43 of 78
Year: 2015 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-02 Lantiq

Neubiberg, Germany

Lantiq is a provider of broadband and voice telephony semiconductor solutions. The Company’s products enable applications ranging from high-speed VDSL and GPON fiber-to-the-home to traditional voice telephony for carrier and enterprise-based networks. Lantiq is the re-branded Wireline Communications Division of Infineon Technologies, the former semiconductor division of Siemens AG. The company is headquartered in Neubiberg, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-07 Locana

Seattle, Washington, United States

Locana is a technology consultancy and geospatial info provider that helps businesses drive performance through spatial IT solutions, services and software products. Locana is based in Seattle, Washington.

Sell -
SELLER

Arcapita

Manama, Bahrain

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

Arcapita is a private investment firm with separate investment disciplines spanning venture capital, corporate investment, real estate, and asset-based investments. Arcapita's Corporate Investment practice looks to acquire controlling interests in established companies valued between $50 million and $500 million. Sectors of interest include consumer products/services, healthcare, energy, technology, and manufacturing. Arcapita's infrastructure team looks to invest $50 to $300 million in energy, water, and transportation assets. The Firm will consider opportunities around the globe; including the United States, Latin America, Russia, China, Europe, Middle-East, and India. Arcapita was formed 1997 and has offices in Manama, Bahrain; Atlanta, Georgia; London; and Singapore.


Deal Context for Seller #
Overall 28 of 33
Sector: Retail 3 of 3
Type: Secondary Buyout 6 of 9
State: Massachusetts 1 of 1
Country: United States 20 of 23
Year: 2015 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-25 Freightliner Group

London, United Kingdom

Freightliner Group Ltd.is a rail logistics company, moving containers and heavy goods between ports and inland distribution hubs. Although the business operates primarily in Great Britain, it is now engaged in a program of international growth.

Sell £492M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-29 Energia Group

Dublin, Ireland

Energia Group is a modern integrated energy utility across the island of Ireland focusing on renewables, flexible generation and customer solutions. Energia Group is based in Dublin, Ireland.

Sell -