Schoolhouse, a success story for Portland business, sold Tuesday to a New York company for $48 million in cash and stock. The local store sells specialty lighting and other upscale home furnishings,.
It was founded in 2003, by Brian Faherty. Schoolhouse describes itself as a lighting and lifestyle goods company dedicated to the preservation of American manufacturing, thoughtful living, and purposeful design. Many of their products are designed, assembled, and shipped within the walls of their Portland factory. Their products range from iconic lighting to one-of-a-kind homewares.
The new owner, Food52, sells kitchenware and similar home products. It says it will retain all Schoolhouse’s employees and retain Portland operations. Schoolhouse makes many of its products at its Northwest Portland factory and headquarters, housed in a 100-year-old warehouse. Food52 has impressively navigated 2.5-times revenue growth. The company will stay in Portland but the deal will help it reach new markets.
The $48 million cash and stock deal is expected to close by the end of the year, according to a news release on the acquisition. “We can’t imagine a better partner,” Schoolhouse President Sara Fritsch said about the sale.
“We’re admirers and longtime customers of Schoolhouse, and we feel a powerful kinship with their mission,” said Food52 founder and CEO Amanda 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.”