BJ's receives buyout offer
NEW YORK — Leonard Green & Partners and CVC Capital Partners said Friday they are making a joint buyout bid worth an undisclosed amount for BJ's Wholesale Club. The two private equity firms revealed their plans in a Securities and Exchange Commission filing on Friday. The bid price was not disclosed.
In February, BJ's announced it was exploring a sale. In March, Leonard Green is already the chain's larger shareholder, with a 9.3% stake.
BJ's spokeswoman Cathy Maloney said the company wouldn't comment on its process of exploring strategic offerings until the process has ended, the Associated Press reported.
BJ's operates more than 190 warehouse clubs in 15 states.