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The Container Store Group aims to raise up to $200m via IPO

22 Oct 2013

dollar4_sqPrivate equity-backed storage products retailer The Container Store Group has priced its IPO at $14 to $16 per share.

The Dallas, Texas-based company will float 12.5m shares worth up to $200m on the New York Stock Exchange and will trade under the symbol TCS. It said it will use the proceeds to pay a dividend to its preferred shareholders.

Container Store is backed by private equity firm Leonard Green & Partners, which bought a majority interest in the business in 2007.

The company, which operates 61 stores, had sales of $343.3m in the 26-week period to the end of August, up 9.3 per cent from the same period of last year.

JP Morgan, Barclays, Credit Suisse, Morgan Stanley, Wells Fargo, BofA Merrill Lynch and Jefferies are acting as bookrunners for the IPO, according to a regulatory filing.

Earlier this year it was reported that Leonard Green was looking to exit commercial landscaping and maintenance company Brickman Group Holdings for up to $1.5bn.

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