A tool caddy for use with a workroom storage system that can include slotwall panels, slot tracks, a modular workbench and a power strip. The tool caddy can be movably and removably mounted to the slotwall panels, slot tracks, or to horizontal or vertical surfaces of a workbench or other structure. The tool caddy can be removably attached to one or both ends of a power strip. A power strip with one or more tool caddies attached can be mounted to a modular workbench, slotwall panel or slot track. The tool caddy can include a hollow body having an elongated horizontal top surface with a plurality of tool receiving openings, a pair of end surfaces, a front surface and a bottom surface. The bottom surface can have a plurality of tool receiving openings that can substantially correspond to the tool receiving openings in the top surface.