Report: Two firms team up for BJ’s buyout bid
New York City — Two private equity firms are teaming up to make a bid to purchase BJ’s Wholesale Club, the New York Post reported.
Leonard Green & Partners and CVC Capital Partners are reportedly set to offer $2.8 billion to purchase the club retailer, according to the Post.
Rumors that BJ’s Wholesale could be sold have been circulating for months. In March, the chain revealed in an SEC filing that it entered into a "confidentiality agreement" with Leonard Green to evaluate a possible purchase.
A company representative for BJ’s Wholesale Club said it is not commenting on potential buyout discussions.
Report: Wal-Mart to triple wholesale locations in India in 2011
Bangalore, India — A Wednesday report by Bloomberg said that Wal-Mart Stores, in its joint venture with Indian company Bharti Enterprises, plans to triple its wholesale outlet locations in India this year.
The report comes as Wal-Mart and other foreign retailers have been blocked from opening retail outlets in India, and are permitted only to set up wholesale locations.
Setting up wholesale businesses will help overseas companies prepare for the time when India relaxes its rules on retailing, which may happen by April, Junior Trade Minister Jyotiraditya Scindia told Bloomberg.
“We’re filling a gap in the country which has existed for several years now,” Raj Jain, CEO of Bharti Walmart, said in an interview with Bloomberg.
To read the full report, click here.
FM Facility Maintenance acquires US Signs
Hartford, Conn. — FM Facility Maintenance, a leading provider of facility management for clients with multisite restaurant and retail locations, announced that it has acquired the assets and certain liabilities of US Signs. With this acquisition, FM Facility Maintenance strengthens its position as a service provider of facility maintenance services to customers with a national footprint.
“The symmetries between US Signs and FM Facility Maintenance are many but I believe it is our shared commitment to excellence and superior service delivery that will make this a solid enterprise, said Jim Reavey, president and CEO of FM Facility Maintenance. “US Signs expertise in sign services is impeccable and industry-leading. We look for US Signs to expand FM Facility Maintenance’s value proposition to customers and suppliers in both the sign and integrated facilities management services markets.”
US Signs is a provider of outsourced sign fabrication, installation and repairs and maintenance services. Lee Clark, president and CEO of US Signs, will serve in the same position in the US Signs division at FM Facility Maintenance.
“US Signs will operate as a division within FM Facility Maintenance. All of the company’s employees including management, sales, finance, service and project management personnel will remain with FM Facility Maintenance as part of the transaction.