Backup bidders were also designated in case any of the transactions fail to close, with Static Media named as the alternate for Food52.
Schoolhouse, the Portland-based lighting and home goods business that once generated the majority of Food52’s revenue, was acquired by Troy-CSL Lighting, a division of Hudson Valley Lighting Group, for $2.2 million.
The deal consists primarily of cash paid at closing and does not depend on the value of any inventory the buyer elects to assume, according to the asset purchase agreement.
The modest price—Schoolhouse generated around $40 million in revenue in 2024—underscores the deterioration of the business. In recent months, Schoolhouse had liquidated inventory at steep discounts and laid off much of its staff as Food52 raced to conserve cash.
The smallest transaction involved Dansk, the midcentury-inspired tabletop brand Food52 acquired as part of its expansion into owned products.
Form Portfolios purchased the brand for $250,000. The agreement gives the buyer rights to the brand’s intellectual property and related assets, with inventory transfers optional and not tied to the purchase price.
A dramatic reset
The auction closes the book on a rapid collapse for a company that once embodied private equity’s vision for a vertically integrated “content-to-commerce” media model.
Founded in 2009, Food52 sold a majority stake to The Chernin Group for $83 million in 2019 and raised an additional $80 million in 2021. The company used those funds to acquire Schoolhouse and later Dansk, building a combined operation that spanned media, commerce, and product manufacturing.
But rising costs, a slowdown in pandemic-era home spending, operational complexity, and a series of layoffs and leadership changes eroded the business. By late 2025, Food52 had more than $25 million in debt and was seeking a buyer after efforts to raise additional capital fell short.
The situation worsened in December, when a lender swept the company’s accounts to satisfy outstanding obligations, forcing mass layoffs and triggering the Chapter 11 filing.
America’s Test Kitchen, a food media company owned by the brand licensing firm Marquee Brands, is expected to fold Food52 into its broader portfolio of content, publishing, and product review businesses.
The acquisition gives the company a large social audience and an established digital brand, though it remains unclear whether Food52’s former commerce operation will survive under new ownership.
For The Chernin Group, the outcome represents a steep loss. The firm invested more than $160 million into Food52 and its acquisitions. The final sale values the combined businesses at roughly 4% of their peak valuation.
For Food52 itself, the auction marks both an end and a reset: the breakup of a once-ambitious platform, and the start of a more modest next chapter under new ownership.
