J. Jill Sold to Arcapita Affiliate
March has already seen J.Crew's buyout and LVMH's acquisition of Bulgari. Now it's J. Jill's turn to see a changing of the guard.
Golden Gate Capital has sold its majority stake in the womenswear brand to an affiliate of Arcapita Bank, CNBC reports.
Though the new bosses hint at plans for expansion, changes to the company appear to be minimal at this time. J. Jill CEO and president Paula Bennett and her management team will stay on, while Golden Gate Capital will be a minority shareholder.
No financial terms have been disclosed.
"We look forward to working closely with Paula and her team to continue their success and help the company expand its current operations and open new store locations," says Scott Buschmann, a principal of Arcapita. "J. Jill occupies a distinct space in women's branded apparel. We believe that the company's strong brand equity, deep customer loyalty, and proven multichannel strategy position it extremely well for continued expansion."
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