Buyout shops Leonard Green & Partners and CVC Capital Partners have teamed up to bid on club retailer BJ’s Wholesale Club Inc., Reuters reported. Leonard Green, which owns a 9.3% stake in BJ’s, and CVC plan to form a new entity to acquire BJ’s shares, Reuters said.
(Reuters) – Private equity firm Leonard Green & Partners said it has teamed up with CVC Capital Partners to submit a proposal to buy BJ’s Wholesale Club Inc , the third-largest U.S. wholesale club retailer.
Leonard Green and CVC plan to form a new entity to acquire BJ’s shares, the private equity firm said in a regulatory filing on Friday.
Leonard Green and its affiliates also reported a 9.3 percent stake in the retailer, as of June 16.
Last week, the New York Post reported, citing sources, that the PE firms could make a joint buyout offer for BJ’s Wholesale valuing it at about $2.8 billion. (Reporting by Viraj Nair in Bangalore; Editing by Saumyadeb Chakrabarty)