Portland’s Stumptown Coffee Roasters Acquired By Peet’s Coffee and Tea
Thursday, October 08, 2015
Peet's bought the Portland-based coffee company from TSG Consumer Partners LLC, which held a majority stake in Stumptown.
"It is with great enthusiasm that we welcome Stumptown to the Peet's family," said Dave Burwick, president and CEO of Peet's Coffee & Tea. "Stumptown is an innovative leader in premium and cold brew coffee, and we're excited to support and further elevate their presence while extending their reach to more consumers."
Stumptown, founded in 1999 by Duane Sorenson, has built up a cult following over its seven years in business. The company now operates 10 stores across the country, including locations in Seattle, New York and Los Angeles.
"Stumptown's journey has been about creating a coffee experience that surpasses all expectations," Sorenson said. "I'm excited and confident that Peet's will continue to support our journey in a way that uniquely reflects who we are."
Peet's Coffe and Tea, founded in 1966 in Berkley, California, now operates stores in nine states. Stumptown will continue to operate independently, with full access to Peet’s resources and scale.
"Stumptown has grown significantly over the last five years while maintaining our culture every step of the way, and we are grateful for TSG's partnership during that time. As we look to share Stumptown with even more coffee lovers, Peet's, the original craft coffee company, has the expertise and capabilities to help us continue to grow," said Joth Ricci, President of Stumptown Coffee Roasters.
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