Officials with both companies refused to comment on the sale,but sales for the storage design retailer are expected to reach$600 million this year. The Container Store has also been cited asone of the top places to work in the country, with high salariesand family-friendly hours, and the firm receives thousands ofapplicants for new jobs.

Jeff Sokoloff, managing partner with Leonard Green, a LosAngeles-based investment firm, said in a statement that he doesn'tlook at the transaction as if the deal is about buying or selling."We see it as the Container Store bringing in a financial partnerthat will assist them in continuing to run their business in theprincipled and trailblazing way they have over the last 29years."

The new six-member Board of Directors for the new firm willconsist of current Container Store CEO Kip Tindell, chiefmerchandising officer Sharon Tindell and president Melissa Reiff,as well as Sokoloff and Leonard Green partner Timothy Flynn and VPJ. Kristofer Galashan.