BJ's Wholesale Club (Dividend Recap)

Leonard Green/CVC took BJ's private for $2.8B (2011). Paid themselves $735.5M dividend recap during private ownership. IPO'd May 2018, using proceeds to repay recap debt. PE earned massive returns while company operated under debt burden for 7 years. Rare recap success — BJ's survived and thrived post-IPO. But PE extracted ~$735M while employees saw minimal benefit.