- Last Updated: 4:10 PM, May 18, 2012
- Posted: 11:56 PM, May 17, 2012
Leonard Green & Partners is poised to add to its impressive line-up of retail brands.
The Los Angeles private-equity shop has the inside track to purchase Savers, the 225-unit Bellevue, Wash.-based chain of for-profit thrift stores, The Post has learned.
While the auction for Savers is not complete, Leonard Green’s bid of $1.6 billion is seen as the likely winner, sources said.
The bid, at roughly 10 times Savers’ operating profits, is considered rich as successful discounter Dollar General trades at about the same multiple.
Savers is expected to sign a sales agreement within days, sources said.
The thrift-store chain makes roughly 15 percent profit margins by buying donated goods from charitable organizations and then selling the used clothes, toys and housewares at its stores.
Leonard Green already owns, or has large stakes in, BJ’s Wholesale Club, Container Store, J. Crew, Petco Animal Stores, Rite Aid, Neiman Marcus and Whole Foods.
A Savers spokesman declined comment. Leonard Green did not return calls.