Apollo Management submitted a more than $3 billion buyout bid for BJ’s Wholesale Club Inc., Reuters reported, citing a report by the New York Post. Last month, Leonard Green & Partners was reportedly mulling a sale of the retailer. BJ’s decided to explore a sale earlier this year, and hired Morgan Stanley & Co. to advise in the process.
(Reuters) – U.S. private equity firm Apollo Management submitted a buyout bid for retailer BJ’s Wholesale Club Inc for more than $3 billion, the New York Post said citing sources.
Last month Leonard Green & Partners said it was evaluating whether to buy BJ’s Wholesale Club and had entered into a confidentiality agreement with the third-largest U.S. wholesale club retailer.
Wholesale clubs charge customers a membership fee, in return for which customers can shop for deals on large quantities of everyday items such as food and toilet paper.
In February BJ’s Wholesale said its board had decided to explore a sale and other alternatives and had hired Morgan Stanley & Co to advise it in the process.
Apollo could not immediately be reached for comment.
(Reporting by Aftab Ahmed in Bangalore; Editing by David Holmes)