Lowenstein represented Food52, the premier cooking and home brand, in both its acquisition of Schoolhouse, the Portland, OR–based lighting and lifestyle goods company, for approximately $48 million in cash and stock, and in a growth equity investment from TCG. The transactions triple Food52's valuation since TCG made its initial majority investment in 2019 (Lowenstein also served as Food52’s counsel in that transaction).
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 was co-founded by James Beard Award Winners, Amanda Hesser and Merrill Stubbs. Food52 is also an alum of Lowenstein Sandler’s VentureCrushFG program.
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. 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.
The Lowenstein deal team included Alex D. Leibowitz, Ed Zimmerman, Brian Silikovitz, Mary Hildebrand, Norm Spindel, Kimberly E. Lomot, Frank W. Eucalitto, Judith Rubin, Amy C. Schwind, Taryn E. Cannataro, Mark Heinzelmann, Sartaz Singh, Jenna-Marie Tracy, Latoya Bethune, Storme Mckop, and Claire Dronzek.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
Contact(s):
Penny Paul
Sr. Manager, Marketing Communications
Lowenstein Sandler LLP
(973) 597-2592
ppaul@lowenstein.com
