BJ Wholesale Gets Buyer

BJ’s Wholesale Club Inc. (Natick, Mass.) has agreed to be bought by Leonard Green & Partners and CVC Capital Partners for about $2.8 billion. The retailer was put up for sale about five months ago.

The offer represents a 6.6 percent premium to the company’s closing price on Tuesday but below its 52-week high of $52.46 reached in May, reports Market Watch.

The BJ’s agreement continues a streak of mergers in the retail sector this year and will add to the retail portfolio of Leonard Green, which this year jointly bid with TPG to take clothing retailer J. Crew Group Inc. private.

BJ’s introduced the wholesale club concept to New England in 1984 and operates 190 membership-based warehouse clubs in 15 states in the Eastern U.S.

Leonard Green also has investments in several retail organizations, such as Jo-Ann Stores, Whole Foods Market, Neiman Marcus, Petco Animal Supplies, Container Store and Sports Authority.