Food52 shoppers can now buy more than just things to eat and kitchenware with its latest … [+]
Food52, the DTC seller that began life as a recipe website but has grown into an ever-expanding online retailer now owned by private equity, has made another acquisition.
This morning, the company announced it had purchased Schoolhouse, a Portland, OR-based seller of lighting and home products known for their authentic aesthetic, for $48 million in cash and stock. Along with this deal, Food52 said it was raising additional funding from its private equity owner TCG, which took a majority interest in Food52 in September, 2019 in a $83 million transaction.
At the time, TCG said Food52 was valued at more than $100 million but is now saying the Schoolhouse deal will triple the value of the company, without getting any more specific. It said it would continue the Schoolhouse brand and its Portland operations.
In making this purchase, Food52 adds to its line-up, which was dramatically expanded this past May when it bought the iconic Dansk tabletop and cookware brand from its previous owner, Lenox. The company said the Dansk “revitalization of the heritage home brand is well underway,” but has not disclosed any further details.
Food52 was founded by New York Times
The additional working capital, the company said, will be used “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.” Food52 said it has grown its revenue 2.5 times since 2019.
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In its letter to its customer mailing list announcing the deal, Food52 said “Whether it’s in the living room or around the table, we’ve always believed in the magic of home, and we couldn’t be more excited for this next chapter.”
