Counsel Corp., a Toronto-based investment company, says it has sold its stake in clothing retailer CJ Apparel Group LLC for about $8-million (U.S.).
The sale, announced Thursday, results in a profit of $4.8-million since Counsel's original investment in December, 2006, the company said.
"We are very pleased about the sale of our investment in CJ," said Allan Silver, chairman and chief executive officer of Counsel. "It exemplifies our ability to create value for Counsel and its shareholders as we continue to look for new opportunities."
CJ designs, manufactures and imports women's, men's and children's clothing, under various banners, including Caribbean Joe Island Supply Co., CJ Apparel, Havana Jack Cafe, Jamaica Bay and Periscope.
Knight's Bridge Capital Partners, a Toronto financial services company, was responsible for sourcing and managing Counsel's investment in CJ.
"The sale of CJ represents a significant success for Knight's Bridge, its investment strategy and our management team," said Kenny Finkelstein, president and chief executive of the company.