In a statement issued from its Westborough headquarters today, officials at BJ’s Wholesale Club announced that the company has reached an agreement with affiliates of Leonard Green and Partners (LGP) and funds advised by CVC Capital Partners to a cash sale valued at approximately $2.8 billion.

“BJ’s will benefit form the continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC,” stated Laura Sen, president and chief executive officer. “Our members will continue to enjoy the top-quality merchandise, outstanding savings and great service that they’ve come to expect from BJ’s on every visit.”

The sale is expected to be completed in the fourth quarter of 2011. It is subject to the approval of BJ’s shareholders, customary closing conditions and regulatory approvals.

BJ’s was one of the first wholesale clubs in New England, opening here in 1984. It operates 190 warehouse clubs in 15 states, inlcuding the one in Framingham.

Information courtesy BJ's Wholesale Club.