Leonard Green, CVC Capital seek to buy BJ’s Wholesale Club

NEW YORK — Two private equity investors are making a joint buyout bid worth an undisclosed amount for BJ’s Wholesale Club Inc.

Leonard Green & Partners and CVC Capital Partners revealed their plans in a Securities and Exchange Commission filing Friday.

In February, BJ’s had said it was exploring a sale. In March, Los Angeles-based Leonard Green had said it was considering a proposal. It already owns a 9.3% stake in BJ’s, which is based in Westborough, Mass.

Leonard Green has been expanding its retail properties. It made a bid for 99 Cents Only Stores in March, bought Jo-Ann Stores and was part of a group that acquired J. Crew this year.

BJ’s spokeswoman Cathy Maloney said the company wouldn’t comment on its process of exploring strategic offerings until the process had ended.

BJ’s is the third-largest wholesale club operator in the country, with 190 clubs in 15 states. Analysts have said a takeover could help propel its growth.

The buyout firms may see the potential to expand BJ’s outside its East Coast base and build the brand through more advertising spending, said Joseph Feldman, a retail analyst for Telsey Advisory Group in York.

“They could take it national,” Feldman said. “There’s potential there.”

BJ’s shares fell 36 cents, to $47.50. The stock has traded between $36.77 and $52.46 in the last year.