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Last week was a busy one for San Francisco-based private equity firm Golden Gate Capital. It not only reached an agreement to acquire the assets of the J. Jill Group Inc. from Talbots Inc. (NYSE: TLB), but also reached a deal in the sale of SoftBrands Inc., a Minneapolis-based software producer.
Jill Acquisition LLC, an affiliate of Golden Gate, agreed to purchase the womenswear retailer for approximately $75 million. The deal includes assets and liabilities, including a distribution center in New Hampshire, and intellectual property and inventory. Jill Acquisition assumes the leases of 204 J. Jill stores, with the remaining 75 expected to be closed by Talbots. Talbots' board unanimously approved the deal, and the transaction is expected to be completed in the second quarter.
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