The Container Store, one of Dallas’ biggest entrepreneurial success stories, has been sold to a private equity firm that promises to preserve its unique culture, the Dallas Morning News reports.
On Wall Street, the Container Store – beloved by consumers and investors alike – has been like the perfect house on the block that everyone waits to jump on if it ever goes on the market.
Los Angeles-based Leonard Green & Partners LP, which specializes in retail, is buying a majority stake in the chain that discovered the storage and organization merchandise category and has left one would-be competitor after another in the dust. The companies are set to announce the deal this morning.
Co-founders Garrett Boone and Kip Tindell, who met while they were students working at Montgomery Ward and Storehouse, told about 300 employees at company headquarters Monday that they had found the right buyer.
