All dressed up

2 March 2017 By Lauren Silva Laughlin

J.Jill’s IPO may quintuple its private-equity owner’s investment. The company has stitched together a better set of financial threads than many rivals, but faces the same threats all retailers do. Buyers hoping to replicate TowerBrook’s successful design are pushing the seams.

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Women’s apparel company J.Jill on Feb. 27 set the price range for its initial public offering at $14 to $16 a share. The company, which is owned by private-equity firm TowerBrook Capital Partners, aims to sell 11,666,667 shares. At the midpoint of the range, the IPO would raise $175 million and value the retailer’s equity at $656 million. The company currently also has $277 million of debt.

BofA Merrill Lynch, Morgan Stanley and Jefferies are serving as joint lead bookrunners for the IPO.

TowerBrook Capital Partners bought J.Jill in 2015 for $396 million from Golden Gate Capital, which had handed over $75 million for the company in 2009. TowerBrook paid itself a $70 million dividend from J.Jill in May 2016.

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