Retail News Breaks Archives
Private equity firms close BJ's takeover
September 30th, 2011
WESTBOROUGH, Mass. – The buyout of BJ's Wholesale Club Inc. has been completed by units of private equity firms Leonard Green & Partners (LGP) and CVC Capital Partners.
The $2.8 billion cash deal was announced in late June, following a year of speculation about a potential takeover of the warehouse club chain.
The transaction was approved by BJ's shareholders at a special meeting on Sept. 9, the retailer said. The company's board had voted unanimously in favor of the deal.
Plans call for BJ's common stock to be delisted from the New York Stock Exchange before the opening of business on Oct. 3. BJ's operates 190 warehouse clubs in 15 states.
LGP's retail investments include J. Crew, Jo-Ann Stores, Whole Foods Market, Neiman Marcus Group, PETCO, Leslie's Poolmart, The Sports Authority, The Container Store, Tourneau, David's Bridal, Jetro Cash & Carry and The Tire Rack. Current U.S. retail investments by CVC include Pilot Flying J and Leslie's Poolmart.