Food, kitchen and home media and commerce company Food52 announced today that it has signed an agreement to acquire lifestyle lighting and home décor company Schoolhouse for $48 million in cash and stock.
Scheduled to close by year’s end, the deal is being funded by Food52 majority investor TCG, according to reports.
The latest TCG investment in Food52, according to reports, is slated to support additional projects, including brick-and-mortar retail (plans are in place for a New York flagship store), the creation of a new pantry brand and expansion of the Food52 offices and creative studio in Brooklyn, NY.
The Schoolhouse purchase will expand the Food52 product portfolio into lighting, soft goods, wallpaper and hardware.
The Schoolhouse agreement comes on the heels of Food52’s acquisition earlier this year of the Dansk tableware and cookware brand and the debut of its Home52 vertical.
Schoolhouse, launched in Portland, Ore. in 2003 by former residential real estate executive Brian Faherty, will continue to operate autonomously, allowing strategic and operational synergies to develop over time, according to reports.
Reports have Food52’s revenue on track for $120 million for 2021, including contribution from the Schoolhouse business, compared to $32 million in 2019.
“We believe in brands that are built with soul—brands whose products are made with care and whose fans feel a real connection to them, Food52 Founder and CEO Amanda Hesser said in a statement published on the company’s website, “For years, we’ve admired Schoolhouse, a lighting and lifestyle company, because they’re dedicated to the design of modern heirlooms and committed to American manufacturing.
“We are two brands that are obsessed with quality, whether that’s content or products,” Hesser continued. “And we’re two brands that are devoted to our communities of readers, shoppers, makers, and teams. Together, we’ll be able to highlight how people live in their homes, what inspires them, and how they weave together a sense of comfort and memory and beauty into the spaces they inhabit.”