Specialty retailer Container Store has sold the majority of its stock to private investment firm Leonard Green & Partners, based in Los Angeles.
Leonard Green & Partners has major investments in several other companies, such as Petco and David’s Bridal. Terms of the deal were not disclosed, but Leonard Green & Partners said it intended to keep Container Store’s current management team.
Container Store will take on a new six-member board of directors, consisting of company CEO Kip Tindell, president Melissa Reiff and chief merchandising officer Sharon Tindell. From Leonard Green & Partners, board members will be vp Jonathan Sokoloff, vp Kristofer Galashan and partner Timothy Flynn.
“We’re excited about what the future holds for everyone involved, as we continue to deliver our brand of retail and look forward to making everything about our great company even greater,” said Kip Tindell in a statement.
Container Store has 39 locations in the United States, with future stores planned in Denver and Cherry Hill, N.J.