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The Container Store Acquires Storage and Closet Organization Specialist Closet Works.

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MANews-(C)2009-2022

US-based specialty retailer The Container Store, offering storage and organization solutions and custom closets, has acquired Chicago, US-based home storage solutions and closet organization company Closet Works for USD 21.5m, the company said.

This strategic acquisition will expand The Container Store's manufacturing capabilities to include wood-based spaces and enhance its premium wood-based product offering.

The company already manufactures its popular and affordable component-based systems through its wholly owned subsidiary Elfa.

The acquisition provides access to equipment and facilities located centrally in the United States and will allow the company to control the process from product manufacturing to installation.

This will give the company opportunities for increased quality control and expanded profit margins, the company said.

Additionally, The Container Store expects to offer more design customization options to customers and premium wood-based spaces including closets, garages, home offices, pantries, laundry rooms and murphy beds.

An enhanced garage offering is a specific area the company has identified as an opportunity for growth.

Closet Works president and previous co-owner, Tom Happ, has joined The Container Store as president of Closet Works and will assist with the integration.

The Container Store Group, Inc. (NYSE: TCS) is a specialty retailer of...

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