Leonard Green, CVC to submit bid for BJ's Wholesale

Reuters

BANGALORE (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 <BJ.N>, 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.

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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)

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