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Martha Stewart doesn’t just know how to build a lifestyle empire \u2014 she\u00a0knows how to help shape an iconic brand<\/a> and when to buy one. In 2008, she spent $45 million acquiring a celebrity chef brand that was already shouting “Bam!” If you haven’t already guessed, Stewart invested in world-renowned American chef, restaurateur, author, and television personality Emeril Lagasse.<\/p>\n The deal totaled $50 million with $5 million paid in stock, and included Lagasse’s television programs \u2014 “The Essence of Emeril,” syndicated episodes of “Emeril Live,” and his “Good Morning America” segments \u2014 along with his cookbooks,\u00a0the emerils.com website, and branded cooking and kitchen products. Stewart folded the assets into her media and merchandising company, Martha Stewart Living Omnimedia (MSLO). Lagasse’s restaurants and corporate operations were not included in the acquisition. At the time, the total value of Lagasse’s acquired brands was estimated to rise up to $70 million if it met performance targets.<\/p>\n The partnership between Stewart and Lagasse was rooted in both business and friendship. In 2007, Lagasse’s brands generated $14 million in revenue, and while Lagasse knows a thing or two about restaurants<\/a>, he was struggling to maintain all three of his New Orleans restaurants after the devastation of Hurricane Katrina, causing at least $1 million in losses. Lagasse’s 17-year run on the Food Network had also ended around that time.\u00a0In a 2010 interview with NBC<\/a> regarding the acquisition, Lagasse stated, “She showed up at a tough time when I thought the whole ship might be going down […] Maybe it didn’t save me, but it sure gave me some breathing room and got the banks off my back.”<\/p>\n
<\/p>\n How Emeril Lagasse fit into Martha Stewart’s empire<\/p>\n
Donald Bowers\/Getty Images<\/p>\n Martha Stewart had been a long-time fan of Emeril Lagasse since they first met over two decades before the acquisition, long before he poured everything he had into opening his first restaurant and then becoming a television chef. Stewart told Nation’s Restaurant News in 2008<\/a>, “I have been an admirer ever since.” She further acknowledged the influence Lagasse had on food television. The then-president and chief executive of MSLO also told the publication, “Emeril’s high-quality food-related content and product lines complement our own and offer multi-platform expansion opportunities.”<\/p>\n
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