Peet's Coffee & Tea, the other West Coast-based caffeine giant, is making a big acquisition. Peet's is in the process of buying independent Portland, Ore., outfit Stumptown Coffee Roasters, Stumptown owner and founder Duane Sorenson confirmed in an email to Eater Tuesday afternoon.
Peet's will purchase ownership of Stumptown from its existing shareholders, including majority stakeholder TSG Consumer Partners LLC. Stumptown will continue to operate independently, according to details provided to Eater, and Peet's will "continue to pursue its own growth strategy."
"Stumptown's journey has been about creating a coffee experience that surpasses all expectations," Sorenson said in a prepared statement. "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, with its headquarters in Berkeley, Calif., has been expanding across the country in recent years. The company operates dozens of shops in California, Colorado, Illinois, Maryland, Massachusetts, Oregon, Virginia, Washington, and Washington D.C.
Stumptown was established in 1999, and it's the hottest coffee brand in the game right now. In addition to its five Portland cafes, Stumptown has two outposts in both Seattle and New York and another in Los Angeles. The roaster recently made a splash by giving away limited edition bottles of its cold brew — dubbed Col' Brew — in honor of Stephen Colbert taking over as host of The Late Show on CBS.