Golden Gate Capital has sold a majority stake in J. Jill, a retailer of women's apparel, to Arcapita Bank. CIT Bank provided a $40 million senior secured asset-based revolving credit facility in support of the transaction. Golden Gate acquired J. Jill in a 2009 buyout and has retained a minority ownership interest in the company.
Since the beginning of 2009, PE investors have exited 26 companies in the Retail industry, according to the PitchBook Platform. With 4 completed exits in the industry so far this year, 2011's exit pace is ahead of 2009's but lagging behind last year's. In addition to more exit deals, 2010 also saw an increase in the median exit deal size to $127 million, more than double the median size in 2009. While several PE investors exited their retail investments, many more made new investments during the same time period. In fact, 83 PE investors completed 103 investments in the industry. The most active of those investors were Sun Capital Partners with 6 deals and Catterton Partners with 5.