America’s Test Kitchen (ATK), a multi-platform, culinary media brand, entered into an agreement for the acquisition of certain assets of Food52, a food, media and lifestyle brand, through a court-supervised bankruptcy process. Food52 has filed a voluntary petition for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware to facilitate an auction sale of substantially all of its assets, with ATK serving as the proposed stalking horse bidder.
In connection with the restructuring process, Food52 has reached an agreement with ATK to provide the company with new capital in the form of a debtor-in-possession (DIP) financing facility. Upon approval by the court, this DIP facility is expected to provide sufficient liquidity to operate the company’s business during the pendency of the Chapter 11 case.
“We are delighted at the opportunity to acquire the Food52 brand assets and to grow this iconic brand that audiences love,” Daniel Suratt, CEO of ATK, said. “We believe Food52 remains a singular media property with a strong legacy and we are excited to build on that to continue to serve Food52 fans.”
Erika Ayers Badan, CEO of Food52, said, “From the beginning, Food52 aspired to build a place where great food, thoughtful design and a deeply engaged community could live together. We are excited at the prospect of bringing this into the future with the help of America’s Test Kitchen, one of the most trusted brands in culinary media.”
Also, as part of the restructuring process, Food52 will file customary “first day” motions to allow it to maintain normal business operations.
