Sale of J. Jill to Golden Gate Affiliate Final

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.