Golden Gate to sell majority stake in J.Jill to Arcapita Bank

New York City -- Private equity firm Golden Gate Capital Corp. agreed to sell a majority stake in J. Jill to Arcapita Bank BSC, a Bahrain-based investment bank, less than two years after buying the company. Terms of the agreement were not disclosed.

Golden Gate will remain a minority shareholder in the company. J. Jill President and CEO Paula Bennett will continue to lead the chain.

Golden Gate bought J. Jill in June 2009 from The Talbots for about $75 million.

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