After filing for an initial public offering in May, late last month BJ's Wholesale Club announced an IPO of 37.5 million shares of common stock at $17 per share, raising $637.5 million. The company now trades under the ticker symbol "BJ" on the New York Stock Exchange.
The stock closed yesterday at $23.75.
BJ's presence on the stock market marks a seven-year absence, when in 2011 Leonard Green & Partners and CVS Capital Partners took the company private via a $2.8 million buyout. At the time, BJ's operated 190 warehouses. It now has 215 stores in 16 states.
Showing posts with label Leonard Green. Show all posts
Showing posts with label Leonard Green. Show all posts
Friday, July 6, 2018
Wednesday, March 15, 2017
BJ's may be looking to sell or go public
A report in the Wall Street Journal last month stated that the private equity firms that own BJ's Wholesale Club could either be trying to sell the company or planning for an IPO.
Leonard Green and Partners and CVC Capital Partners acquired BJ's in 2011 for about $2.8 billion. At the time, it was reported that Walmart made an offer for BJ's but was rejected.
An analyst at Kantar Retail noted that although more and more BJ's shoppers have been cross-shopping on Amazon and limited-assortment discounters are eroding the uniqueness of the warehouse club's value proposition, BJ's has shown signs of improvement since CEO Chris Baldwin took over last February.
Baldwin has focused on five key pillars: smart saving families; improving value perception; driving member engagement and retention; revitalizing the general merchandise assortment; and increasing its response speed by improving processes.
BJ's currently operates 213 clubs. Although analysts think Costco and Sam's Club could be curious about acquiring BJ's, they believe it's unlikely either company would make such a large investment in physical stores.
Leonard Green and Partners and CVC Capital Partners acquired BJ's in 2011 for about $2.8 billion. At the time, it was reported that Walmart made an offer for BJ's but was rejected.
An analyst at Kantar Retail noted that although more and more BJ's shoppers have been cross-shopping on Amazon and limited-assortment discounters are eroding the uniqueness of the warehouse club's value proposition, BJ's has shown signs of improvement since CEO Chris Baldwin took over last February.
Baldwin has focused on five key pillars: smart saving families; improving value perception; driving member engagement and retention; revitalizing the general merchandise assortment; and increasing its response speed by improving processes.
BJ's currently operates 213 clubs. Although analysts think Costco and Sam's Club could be curious about acquiring BJ's, they believe it's unlikely either company would make such a large investment in physical stores.
Subscribe to:
Posts (Atom)