M&A Deal Summary

CVC Capital Partners, Charlesbank Capital Partners and Leonard Green & Partners Acquire BJ s

On June 29, 2011, private equity firms CVC Capital Partners, Charlesbank Capital Partners and Leonard Green & Partners acquired retailer BJ s for 2.8B USD

Acquisition Highlights
  • This is CVC Capital Partners’ 14th, Charlesbank Capital Partners’ 3rd and Leonard Green & Partners’ 14th transaction in the Retail sector.
  • This is CVC Capital Partners’ 8th, Charlesbank Capital Partners’ and Leonard Green & Partners’ 8th largest (disclosed) transaction.
  • This is CVC Capital Partners’ 10th, Charlesbank Capital Partners’ 34th and Leonard Green & Partners’ 37th transaction in the United States.
  • This is CVC Capital Partners’ 1st, Charlesbank Capital Partners’ 4th and Leonard Green & Partners’ 1st transaction in Massachusetts.
Investment Fate
  • BJ s went public in 2018.

M&A Deal Summary

Date 2011-06-29
Target BJ s
Sector Retail
Buyer(s) CVC Capital Partners
Charlesbank Capital Partners
Leonard Green & Partners
Deal Type Going Private
Deal Value 2.8B USD
Advisor(s) Morgan Stanley (Financial)
Wilmer Cutler Pickering Hale and Dorr LLP (Legal)

Target

BJ s

Marlborough, Massachusetts, United States
website
BJ's store in West Greenwich, Rhode Island.
BJ's store in West Greenwich, Rhode Island.
BJ's is a warehouse club operator on the East Coast of the United States. BJ's delivers significant value to our members, consistently offering 25% or more savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors. BJ's provides a curated assortment focused on perishable products, continuously refreshed general merchandise, gas and other ancillary services to deliver a differentiated shopping experience that is further enhanced by our omnichannel capabilities. BJ's was incorporated in 1984 and is based in Westborough, Massachusetts.

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Buyer(S) 3

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 139 of 319
Sector (Retail) 14 of 20
Type (Going Private) 7 of 14
State (Massachusetts) 1 of 2
Country (United States) 10 of 42
Year (2011) 2 of 8
Size (of disclosed) 8 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-01 Samsonite International

Luxembourg, Luxembourg

Samsonite International designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture. Samsonite International was incorpoprated in 1910 and is based in Luxembourg City, Luxembourg.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-01 PT Link Net

Jakarta, Indonesia

PT Link Net is one pf the largest two-way hybrid fibre-coaxial cable providers in Indonesia, delivering high speed internet access services to retail and business customers, including the delivery of data communication services over its fibre optic lines, and cable TV services. PT Link Net was founded in 1996 and is based in South Jakarta, Indonesia.

Buy -
Buyer

Charlesbank Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Charlesbank Capital Partners is a private equity firm focused on investing in companies at various stages of development, including private and public companies, distressed situations, as well as later stage high growth businesses. Charlesbank typically invests $50 to $150 million per deal, in companies valued between $150 million and $1.5 billion. Industries of interest include consumer products, distribution, energy, financial services, food, education, health-care products and services, manufacturing, media and communications, and retail. Charlesbank Capital Partners is based in Boston, Massachusetts with an additional office in New York City.


DEAL STATS #
Overall 39 of 80
Sector (Retail) 3 of 4
Type (Going Private) 2 of 2
State (Massachusetts) 4 of 7
Country (United States) 34 of 71
Year (2011) 3 of 3
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-22 Sound United

Vista, California, United States

Sound United is a designer and marketer of premium home-theater loudspeakers and consumer-branded vehicle security and convenience systems. Sound United's broad portfolio of high-performance home audio products, including speakers, surround sound systems, soundbars, and personal audio devices, is marketed under the Polk Audio and Definitive Technology brands. Sound United is based in Vista, California.

Buy $305M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-04 Worldstrides

Charlottesville, Virginia, United States

WorldStrides is a provider of experiential learning to over 400,000 students per year covering academic, professional, performing arts, and athletic programming. The company partners with more than 7,000 K-12 schools and 800 universities, including MBA programs. Worldstrides was founded in 1967 and is based in Charlottesville, Virginia.

Sell -
Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 38 of 88
Sector (Retail) 14 of 19
Type (Going Private) 12 of 14
State (Massachusetts) 1 of 2
Country (United States) 37 of 81
Year (2011) 3 of 3
Size (of disclosed) 8 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-15 FP Holdings

Las Vegas, Nevada, United States

Palms Casino Resort is a 37-acre Las Vegas hotel & casino consisting of The Palms Casino Resort (420 rooms, 1,874 slots and 69 table games), The Fantasy Tower (285 rooms and new pool and concert venue) and Palms Place (599 condos). Palms Casino Resort was formed in 2001 and is based in Las Vegas, Nevada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Union Square Hospitality Group

New York, New York, United States

Union Square Hospitality Group is a restaurant development group with a controlling interest in the Shake Shack quick-service restaurant franchise, eight fine dining restaurants, concessions in stadiums and other public spaces, a catering company, and a hospitality consultancy. USHG has created some of New York’s most recognized and celebrated restaurants, including Union Square Cafe, Gramercy Tavern, Blue Smoke, The Modern, Maialino, Untitled and North End Grill. USHG’s restaurants have won an unprecedented 25 James Beard awards, as well as many other accolades from Zagat and the Michelin Guide. Union Square Hospitality Group is based in New York, New York.

Buy -