Private investment firm Golden Gate Capital said it was selling a majority stake in women's apparel retailer J. Jill to an affiliate of Arcapita Bank [ARCAB.UL]. Terms were not announced. Chief Executive Officer Paula Bennett will continue to lead J. Jill and Golden Gate Capital will remain a minority shareholder, it said in a press release on Wednesday. Bank of America Merrill Lynch acted as financial advisor to J. Jill on the sale and Kirkland & Ellis LLP acted as legal advisor. Women's apparel retailer Talbots Inc (TLB.N) agreed in 2009 to sell the J. Jill division to Golden Gate Capital for $75 million, just three years after buying it for $517 million. (Reporting by Lewis Krauskopf; editing by Carol Bishopric)
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