Stumptown Coffee Roasters, which brought artisanal java from its Portland, Oregon, roots to mainstream American caffeine consumers, is being acquired by Peet’s Coffee & Tea, an older, larger, and decidedly less hip competitor. Under Peet’s, Stumptown will be run independently while having access to Peet’s bigger resources, the companies said in a press release. The company has dominated the cold brew coffee market with its bottled, draft, canned and cartoned options, and remains one of country’s best roasters.
Advertisement
Stumptown owner and founder Duane Sorenson confirmed the deal in an email to Eater on Tuesday afternoon.
Peet’s Coffee & Tea is buying the popular premium coffee company Stumptown Coffee Roasters, bringing the once independent brand more into the mainstream. “I’m excited and confident that Peet’s will continue to support our journey in a way that uniquely reflects who we are”.
Deal cold brewed in San Francisco.
Peet’s continues to grow its business through its retail, grocery and e-commerce channels while maintaining the premium quality of its coffee.
Advertisement
As Sprudge points out, the merger with Peet’s comes just four years after Stumptown received a few private equity investment and began its rapid expansion. “We are now 100% owned by Peet’s Coffee & Tea”, Lounsbury told Sprudge. The company now operates a total of 11 cafes across the United States, located in Seattle, Portland, Los Angeles, and New York City, with a 12th cafe on the way for the new Ace Hotel project in New Orleans. Stumptown is one of the early pioneers of the cold brew coffee movement and has a superior position in this fast-growing category with its diverse line of ready-to-drink beverages.
