Investment

Schenectady-based Beekman 1802 selling majority ownership to European investment group – The Daily Gazette

SCHENECTADY — A European investment group is leading a deal that will acquire majority ownership of Schenectady-based Beekman 1802.

Eurazeo announced the deal Monday, and said it will provide the largest portion of the $92 million investment it is making with Cohesive Capital Partners and the Cherng Family Trust.

Beekman 1802 is a lifestyle retailer born on a farm in Sharon Springs amid the Great Recession of the late 2000s. It opened a retail location in the village, then added online and television marketing.

By 2019, it had grown to the point that it moved its headquarters to Mohawk Harbor, in a larger and more centrally located business market.

Beekman 1802 said Monday it won’t be moving or changing or shrinking as a result of the deal.

Eurazeo holds a $27 billion-euro portfolio that includes more than 450 companies. It said this latest investment will allow Beekman 1802 to continue its growth across new geographies and marketing channels.

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