Two private equity investors said Friday they 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.
In February, BJ's had said it was exploring a sale. In March, Leonard Green had said it was considering a proposal. It already owns a 9.3 percent 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 has 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.
Shares rose $1.12, or 2.3 percent, to $48.89 in morning trading after rising as high as $49.83 earlier in the session. The stock has traded between $36.77 and $52.46 during the past year.