March 31 (Reuters) - Private equity firm TowerBrook Capital Partners LP said it would acquire women’s apparel and accessories retailer J. Jill, adding to its portfolio of retail firms, which includes denim company True Religion Apparel Inc.
Financial details of the deal were not disclosed. A person familiar with the matter said the transaction was valued at about $400 million.
TowerBrook will acquire J. Jill from private equity firm Golden Gate Capital and global investment firm Arcapita.
Golden Gate acquired J. Jill for around $75 million in 2009 from women’s retailer Talbots. Golden Gate later sold a majority stake in the business to Bahrain-based Arcapita.
Golden Gate has made five times its money on J. Jill over the course of its investment, the person said.
Reuters reported in February that TowerBrook was in talks to acquire J. Jill.
The transaction is expected to close in the second quarter of 2015. (Reporting by Olivia Oran in New York and Shailaja Sharma in Bengaluru; Editing by Maju Samuel)
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