NEW YORK (

TheStreet

) -- Private-equity firm Leonard Green is gobbling up retailers, this time

Jo-Ann Stores

( JAS).

Leonard Green agreed to purchase the crafts store for $1.6 billion, or $61 a share, a 34% premium over its closing price on Wednesday.

While Jo-Ann Stores had not been actively seeking a buyout, director Scott Cowen said in a statement that the company felt the offer was in the best interest of shareholders, workers and other partners.

This acquisition comes shortly after Leonard Green teamed up with TPG to purchase

J.Crew

( JCG)in a deal valued at $2.86 billion.

Reports are also circulating that Leonard Green has expressed interest in

BJ's Wholesale

(BJ) - Get Report

. The private-equity firm holds a 9.5% stake in the company, upping its holding earlier in the year. At the time, Leonard Green said shares of BJ's were undervalued and that it wished to chat with management about ways to enhance shareholder value.

"These discussions may include a 'going-private' transaction, new financings (potentially through mortgage financings or sale leaseback transactions) or other similar transactions," Leonard Green said at the time.

Leonard Green also has a stake in other retailers like

Neiman Marcus

,

Whole Foods

( WFMI),

Petco

,

David's Bridal

and the

Container Store

.

This move marks the third major retail deal in the second-half of 2010. In October, children's apparel retailer

Gymboree

was purchased for $1.8 billion, or $65.40 a share, by Bain Capital. The deal represented a 57.4% premium over Gymboree's share price at the close on Sept. 30, and a 23.5% premium over the close on Oct. 8.

Shares of Jo-Ann are spiking 33.3% to $60.82 in pre-market trading.

--Written by Jeanine Poggi in New York.

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