NEW YORK--(BUSINESS WIRE)--Food52, the premier cooking and home brand, announced today that it has entered into a definitive agreement to acquire Schoolhouse, the Portland, OR–based lighting and lifestyle goods company, for approximately $48MM in cash and stock, and that it has also raised an incremental investment. Both the acquisition and investment are being funded by TCG and will triple Food52's valuation since TCG made its initial majority investment in 2019. The Schoolhouse acquisition is anticipated to close before the end of the year, subject to customary closing conditions.
“The partnership with Amanda [Hesser] and the team at Food52 has been fantastic,” said Mike Kerns, a General Partner at TCG, who is on the Food52 Board of Directors. “The company’s performance has exceeded our expectations, and their prospects for the future in this massive category are brighter than ever. We are thrilled to be doubling down on our investment.”
Food52, which has grown its revenue 2.5x since 2019, will use the capital to fund brick-and-mortar retail, a pantry brand, and the build-out of its creative studios. The brand will be ubiquitous in the retail and media landscapes, a result of its pioneering approach to commerce, content and community.
By adding Schoolhouse, Food52 is advancing its strategy to be the next-generation cooking and home company and its mission to help people enjoy life’s most important pleasures – food, home and connection to others. Since Schoolhouse was founded by Brian Faherty in 2003, it has been renowned for its modern heirlooms that are manufactured in America. Schoolhouse President Sara Fritsch will lead the company into its next chapter with Food52 Founder and CEO Amanda Hesser and Food52 President Claire Chambers.
Food52 plans to preserve the Schoolhouse brand, retain its existing jobs, and keep the company’s roots in the heart of Portland, while expanding its product assortment and storytelling across Schoolhouse’s channels. From iconic lighting to exclusive homewares such as clocks, prints, and rugs, many of Schoolhouse's products are designed, manufactured, and fulfilled within the walls of its century-old brick factory. Food52 is going to keep it that way.
“We're admirers — and longtime customers — of Schoolhouse, and we feel a powerful kinship with their mission,” said Hesser. “They've been helping people find joy and comfort in their homes for nearly two decades. We're also excited to be part of the community they've built in Portland, a city known for its bounty of creators and innovative companies.”
With Schoolhouse, Food52 will acquire valuable manufacturing, retail, and design experience, and expand its footprint in home categories such as lighting, soft goods, wallpaper, and hardware. Six months ago, Food52 purchased Dansk, and its revitalization of the heritage home brand is well underway. And after seeing triple-digit growth of home goods in its Shop, Food52 launched its Home52 vertical in 2020.
"Very few brands are as obsessed with thoughtful design, quality products, and empathetic service as we are, and Food52 is definitely one of them," said Fritsch. “We share with them a passion for living well at home and for serving our employees and community. With our shared values guiding us, we look forward to chasing our collective potential.”
Lowenstein Sandler LLP is representing Food52 in its acquisition of Schoolhouse, Gibson, Dunn & Crutcher LLP represented TCG in its investment in Food52, and Stoel Rives LLP is representing Schoolhouse.
ABOUT FOOD52
Food52 is a leading innovator in the food, cooking, and home space with a monthly reach of more than 25 million people. From the beginning, the brand challenged the models of traditional media companies and retailers, combining content, commerce, and community around the belief that the kitchen is the heart of the home and food is the center of a well-lived life. Food52 connects a global community of experts and amateurs, supporting them with inspirational, useful content — recipes, videos, podcasts, cookbooks and more — and outfitting them with products that make them happy. Amongst a highly curated Shop representing hundreds of makers, Five Two is Food52's own line of award-winning products for kitchen, home, and life, developed exclusively with the Food52 community, and Dansk is a heritage home brand recently acquired by Food52. food52.com
ABOUT SCHOOLHOUSE
Founded in 2003, Schoolhouse is a lighting and lifestyle goods company dedicated to the preservation of American manufacturing, thoughtful living, and purposeful design. From iconic lighting to one-of-a-kind homewares, many of Schoolhouse's products are designed, manufactured, and shipped within the walls of its century-old brick factory in the heart of Portland, Oregon. Now celebrating its 19th year in manufacturing, Schoolhouse continues to provide a new generation of heirlooms that inspire people to create unique, meaningful spaces. schoolhouse.com
ABOUT TCG
Founded by Peter Chernin, Jesse Jacobs, and Mike Kerns, TCG is an investment firm dedicated to building consumer businesses. The TCG team has a track record of working with world-class consumer brands in content, commerce, and consumer-tech, including Headspace Health, MeatEater, The Pro’s Closet, Everlywell, Surfline and Lovevery. tcg.co
