BJ's Wholesale Suitors Confirmed
The two investment firms rumored to be interested in purchasing Westborough-based retailer BJ's Wholesale Club formalized their intentions in an SEC document filed on Friday.
Leonard Green & Partners and CVC Capital Partners plan to form a joint entity to make a bid to purchase the club retailer for an undisclosed amount of money, according to the SEC filing.
The newly formed entity would acquire all of the outstanding equity of BJ's Wholesale Club, the filing notes.
Rumors that the company - which recently moved from Natick to Westborough - could be sold have been floating for months. Last week, the New York Post reported that Leonard Green & Partners had teamed with London-based CVC to contemplate buying the company, but the news became official with the filing released Friday.
The filing does not reference when a deal could be struck to purchase the company or how much it could be worth.
A spokesperson for the company said recently that management would not discuss sale rumors.
Leonard Green is a California-based private equity firm that also holds ownership in other retailers including The Container Store, David's Bridal and Rite Aid. The company already has a 9.3 percent stake in BJ's Wholesale Club.
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