Golden Gate snaps up J Jill for $75m

The San Francisco-based firm’s latest purchase amid the downturn is women’s clothing label J Jill. Under the terms of the deal, Golden Gate, which is investing from its $1.8bn second fund, will close 75 J Jill stores, leaving 204 stores still in operation.

Golden Gate Capital has agreed to buy clothing brand J Jill from retailer Talbots for $75 million.

Under the terms of the deal, about 75 J Jill stores will be closed, leaving 204 stores in operation.

“The sale is a significantly strategic step forward as it enables the company to focus its time, resources and attention exclusively on rejuvenating its core Talbots brand and return to profitable growth,” Trudy Sullivan, Talbot’s president and chief executive officer, said in a statement.

The San Francisco-based private equity firm is investing from its second fund, which raised $1.8 billion in 2004. The firm, which has about $9 billion under management, invests in technology, retail and financial services. Its first fund raised $700 million and made 19 investments.

Golden Gate bought industrial sand processor US Silica from Harbinger Capital Partners in a $337 million transaction in November. It acquired restaurant chain Macaroni Grill for $132 million last August from publicly listed Brinker International.

Golden Gate was formed in 2000 by former Bain professionals David Dominik and Jesse Rogers.