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Bid for BJ’s submitted by investors

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LOS ANGELES — The private equity firm Leonard Green & Partners joined forces with CVC Capital Partners earlier this month in an attempt to buy BJ’s Wholesale Club Inc.

The private equity firm Leonard Green & Partners joined forces with CVC Capital Partners earlier this month in an attempt to buy BJ’s Wholesale Club Inc.

The group did not disclose the financial terms of its bid for the 189-store discount chain, but recent reports say the two firms value BJ’s at about $2.8 billion.

Leonard Green and its affiliates already hold a 9.3% stake in the retailer.

Over the past few years, Leonard Green has been on a retail buying spree. The private equity firm already owns Jo Ann Stores Inc. and upscale apparel retailer J. Crew.

Earlier this year it teamed up with the Schiffer-Gold family to bid for 99¢ Only Stores.
In February BJ’s board of directors began exploring possibilities for the chain’s future, including selling the company, after initial reports emerged that Leonard Green might offer to buy the chain.


ECRM_06-01-22


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