In September 2011, Funds advised by CVC, together with affiliates of Leonard Green & Partners, completed the acquisition of BJ's Wholesale Club, the leading warehouse club operator in the Eastern US.
Founded in 1984 and based in Westborough, MA, BJ's operates over 210 warehouse club locations in 15 US states. BJ's competes in the large and fast-growing wholesale club industry which is recognised for offering deep discounts on grocery and general merchandise products, often in large product formats, out of large warehouse-style stores. Wholesale clubs operate on a members-only basis and typically charge annual membership fees in exchange for access to exceptional product value.
BJ's holds a unique and defensible position in an attractive and growing retail sector. The wholesale club channel has consistently captured share from traditional retail formats for more than 30 years. BJ's has successfully established a position as the wholesale club leader on the Eastern seaboard, with the largest store presence in its key markets and a differentiated model with a significant focus on grocery items, particularly perishables. BJ's has generated strong and consistent financial performance over time and across business cycles.
BJ's will benefit from the continued execution of our business plan and the significant retail expertise of CVC and our new partners at LGP, as well as from continued investments in our clubs, our people and technology and the future of our business.