BJ's Wholesale Club Inc. on Wednesday agreed to be bought by Leonard Green & Partners and CVC Capital Partners for about $2.8 billion, about five months after putting itself up for sale.

The offer of $51.25 a share represents a 6.6% premium to the company's closing price on Tuesday but it is below the company's 52-week high of $52.46 reached in May.

The company noted, however, that the deal was a 38% premium to its closing price on June 30, 2010—the day before Leonard Green announced a 9.5% ownership stake in the company.

The company's board said it "thoroughly explored and carefully considered alternatives" that led to the sale agreement. The transaction, which is subject to shareholder approval, is expected to close during the fourth quarter.

The BJ's agreement continues a streak of mergers in the retail sector this year and will add to the retail portfolio of private-equity firm Leonard Green, which this year jointly bid with TPG to take clothing retailer J. Crew Group Inc. private.

Other retail transactions this year included North Face parent VF Corp.'s agreement this month to buy Timberland Co. for $2 billion.

Some analysts consider the BJ's purchase price on the low side, valuing BJ's at a 6.9 times multiple based on estimated fiscal 2011 earnings before interest, tax, depreciation and amortization or at 6.48 times next year's profit projection.

"These multiples are sufficiently below those of other retail transactions that have occurred since 2010," including Gymboree, Jo Ann Stores and J. Crew, said Wall Street Strategies analyst Brian Sozzi.