BJ's Wholesale Okays $2.8 Billion Buyout

Home Textiles Today Staff -- Home Textiles Today, 7/15/2011 10:37:41 PM

WESTBOROUGH, MASS.- BJ's Wholesale Club has entered an agreement to be acquired by affiliates of private equity firm Leonard Green & Partners and CVC Capital Partners in an all-cash transaction for approximately $2.8 billion.
     Should shareholders approve the transaction, they will receive $51.25 per share, a 7% premium to the closing price of BJ's shares June 28. Leonard Green & Partner's current retail investments include J. Crew, Jo-Ann Stores, Whole Foods Market, Neiman Marcus Group, PETCO Animal Supplies, Leslie's Poolmart, The Sports Authority, The Container Store, Tourneau, David's Bridal, Jetro Cash & Carry and The Tire Rack.
     CVC is a private equity and investment advisory firm with a network of 20 offices and over 230 employees throughout Europe, Asia and the United States. Its current retail investments in the United States include Pilot Flying J and Leslie's Poolmart.