Stumptown Coffee Sold to Peet’s Coffee & Tea
On October 6, Peet’s Coffee & Tea announced its acquisition of Stumptown Coffee Roasters, the Portland, Oregon-born coffee giant with four hometown locations and several outposts in Seattle, New York, and Los Angeles. Peet’s Coffee & Tea meanwhile, has hundreds of locations across the country, in nine different states.
Stumptown was founded in 1999 by Duane Sorenson (owner of local Portland eateries Woodsman Tavern and Ava Genes) and acquired by TSG Consumer Partners LLC, a private equity firm, in 2011. The sale price is still unknown, as are Peet’s plans for Stumptown’s expansion. Stumptown will reportedly continue to operate independently of Peet’s, which is headquartered in Emeryville, California.