Updated from 8:59 a.m. EST

NEW YORK ( TheStreet) -- 99 Cents Only Stores ( NDN) said Friday it received a takeover bid by private-equity firm Leonard Green and the Schiffer-Gold family.

The dollar store received an offer of $19.09 a share and will evaluate the possible deal.

"It was only a matter of time before 99 Cents went; this deal was long in the making," says Wall Street Strategies analyst Brian Sozzi.

The company has been making significant strides to overhaul its business and is about two years away from hitting its stride when it comes to efficiency.

"Now is the time from private equity to get in there," Sozzi says.

It is also a good sign that the Schiffer-Gold family will continue to be involved at the company.

Leonard Green has been snapping up retailers, completing the acquisition of J. Crew this week and making an offering for Jo-Ann Stores ( JAS) in December. The private-equity firm has also been linked to a possible leverage buyout of BJ's Wholesale ( BJ).

But this latest move by Leonard Green could put a BJ's buyout in question, Sozzi says. "I am not sure Leonard Green is still enamored with it," he said.

--Written by Jeanine Poggi in New York.

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