Women's clothing retailer J.Jill taps banks for IPO

Women's apparel and footwear retailer J.Jill Group has tapped Bank of America, Morgan Stanley and Jefferies Group LLC as underwriters for a possible initial public offering, a source familiar with the matter said.

Private equity firm TowerBrook Capital Partners LP, which bought the retailer last year, could raise about $150 million in an offering that could value J.Jill at around $750 million to $800 million, the source said.

TowerBrook bought J.Jill from private equity firm Golden Gate Capital and global investment firm Arcapita last March.

TowerBrook declined to comment.

The Wall Street Journal first reported the news on Friday.

Quincy, Massachusetts-based J.Jill operates around 260 stores across the United States as well as a catalog business. The brand sells apparel, accessories and footwear catering to women over 45.

J.Jill was founded in 1959 by Karl and Marianne Lipsky, who opened a store in the Berkshires and named it Jennifer House after their first daughter. They later launched a catalog named after both their daughters, Jennifer and Jill.

Golden Gate acquired J.Jill for around $75 million in 2009 from women's retailer Talbots. Golden Gate later sold a majority stake in the business to Bahrain-based Arcapita.