Saturday, 28 May 2016
Last updated 19 hours ago
Jun 30 2011 | 4:32pm ET
A pair of private equity firms has snapped up discount big-box chain BJ’s Wholesale Club.
CVC Capital Partners and Leonard Green & Partners will pay $2.8 billion for the company, which is currently publicly-listed. BJ’s has 190 stores in 15 states, competing with the much larger Costco Wholesale and Wal-Mart Stores’ Sam’s Club. The buyout is expected to give the Massachusetts-based chain more freedom to expand beyond its East Coast base.
“BJ’s is the clear leader in the wholesale club industry in the Eastern United States with strong brand equity and a proven and successful strategy,” Leonard Green’s Jonathan Seiffer said.
BJ’s CEO Laura Sen said that “BJ’s will benefit from continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC, as well as from continued investments in our clubs, our people and technology, and the future of our business.”