US apparel retailer J Jill plans for IPO

10 April 2016 (Last Updated April 10th, 2016 18:30)

US clothing company J Jill Group has initiated steps for a possible initial public offering (IPO), which comes within a year of being bought by a private equity firm.

US clothing company J Jill Group has initiated steps for a possible initial public offering (IPO), which comes within a year of being bought by a private equity firm.

Owned by TowerBrook Capital Partners, the firm recently approached Morgan Stanley, Jefferies Group and Bank of America as underwriters for the potential IPO, reported The Wall Street Journal, citing people familiar with the matter.

TowerBrook intends to sell about $150m in shares, which would take the valuation of J Jill to between $750m and $800m.

"The firm recently approached Morgan Stanley, Jefferies Group and Bank of America as underwriters for the potential IPO."

Last year, TowerBrook bought the retailer from private investment firms Arcapita Bank and Golden Gate Capital.

J Jill sells clothing, accessories to women aged between 40 and 65.

The retailer was once part of Talbots, which bought the chain for more than $500m in 2006.

Golden Gate subsequently purchased a struggling J Jill for $63m in 2009.

Bahrain-based Arcapita Bank later bought the majority stake before J Jill was divested again six years later.

It was established in 1959 by Karl and Marianne Lipsky, who opened an outlet in the Berkshires, Massachusetts.