The Container Store says the acquisition of Closet Works will enable it to expand its capabilities and meet the growing consumer demand for premium wood-based spaces, including custom closet and garage systems.
U.S. Senator Sherrod Brown was in Dayton Tuesday to shine a spotlight on federal COVID relief funding that has been helping arts organizations stay alive during the pandemic.
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The other two investors are US investment manager Fidelity Management and German engineering company Siemens AG.
According to ThoughtWorks, which unveiled the investment in a statement on January 14, the deal pegs its enterprise value at $4.6 billion, and it will use the money to repurchase equity from existing investors.
The Chicago-based company did not identify the sellers of the stake.
ThoughtWorks President and Chief Executive Officer Gui Xiao describes the acquisition as a “very positive indicator” of its market strength.
“It’s wonderful that GIC, Siemens, Fidelity and Mubadala see ThoughtWorks to be a strong investment and this is an endorsement of the strength and relevance of our business and people,” he says in the statement.