Chernin Group Pays $83 Million for Majority Stake in Food52

Peter Chernin Main - Getty - H 2019
Karwai Tang/WireImage

Peter Chernin's investment firm TCG Capital Management is buying into the upscale food ecommerce brand.

Peter Chernin's The Chernin Group has acquired a majority stake in upscale kitchen and home brand Food52 for $83 million.

TCG Capital Management, an affiliate of The Chernin Group, said the investment in the food ecommerce brand launched in 2009 by co-founders and former New York Times writers Amanda Hesser and Merrill Stubbs puts Food52 at a "nine-figure valuation," estimated at around $100 million.

"After a decade of thoughtful content curation, product development and community engagement, Food52 has achieved the ultimate measure of success in digital media and built a brand that consumers care deeply about. We couldn't be more excited to partner with the team on this next phase of growth," Mike Kerns, partner at TCG, said in a statement.

Food52 as a digital hub sells upscale kitchen and home goods, while also offering food and kitchen-based content to users. The site is eyeing the TCG investment to help build a brick-and-mortar retail outlet and expand a Five Two line of branded kitchen product offerings.

"We met our ideal partner in TCG, which shares our vision and values for building a community-driven consumer brand," Stubbs said in her own statement.

TCG, founded by Chernin, Jesse Jacobs and Mike Kerns, also has investments in Crunchyroll, Headspace, MeatEater, The Action Network and Barstool Sports.

Chernin has held a host of top executive roles in the entertainment industry, including as the former head of Fox Filmed Entertainment, where he oversaw production of Titanic and Avatar.