X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COPPELL, TX-Leonard Green & Partners has become a takeover partner for The Container Store, based here, in a private transaction. With 39 stores across the country, the company has two more new stores planned this year and six more in 2008.

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 as one of the top places to work in the country, with high salaries and family-friendly hours, and the firm receives thousands of applicants for new jobs.

Jeff Sokoloff, managing partner with Leonard Green, a Los Angeles-based investment firm, said in a statement that he doesn’t look at the transaction as if the deal is about buying or selling. “We see it as the Container Store bringing in a financial partner that will assist them in continuing to run their business in the principled and trailblazing way they have over the last 29 years.”

The new six-member Board of Directors for the new firm will consist of current Container Store CEO Kip Tindell, chief merchandising officer Sharon Tindell and president Melissa Reiff, as well as Sokoloff and Leonard Green partner Timothy Flynn and VP J. Kristofer Galashan.

In February, Container Store officials had indicated that they were interested in sales pitches, to capitalize on the wave of private equity investing in retailers and real estate. The transaction should close by August. The company assets includes its shelving product subsidiary, Elfa International AB.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.