The Container Store, a closely held retailer of storage and organization products, said Tuesday that Los Angeles-based private equity firm Leonard Green & Partners agreed to buy a majority stake in the company.
Container Store hired JPMorgan Chase & Co. in February to advise on a possible sale. The Coppell, Texas-based company was founded in 1978 by Chairman Garrett Boone, Chief Executive Kip Tindell and Dallas architect John Mullen.
"It is a private transaction, but it was a very attractive value for all shareholders," Container Store spokeswoman Casey Priest said. She didn't give details of the sale.
Leonard Green manages about $9 billion in equity and has invested more than $31 billion in 42 companies since its founding in 1989. It has stakes in businesses that include FTD Group Inc. and Neiman Marcus Group Inc.