Pay ‘N Pak Stores approved a buyout offer.

Kent, Wash.-based Pay ‘N Pak, a specialty retailer of home improvement products with 107 stores in 17 states, agreed to the leveraged buyout by a group that includes Chairman David Heerensperger, topping a rival bid by investor Paul Bilzerian. The cash and securities buyout has an indicated value of $21.23 a share. Tampa, Fla.-based Bilzerian, who holds about 10% of the company’s 10 million outstanding shares, had offered $16.67 cash and preferred stock valued at $3.83 for each Pay ‘N Pak share.