Portland's Stumptown Coffee sells to California-based Peet's - KPTV - FOX 12

Portland's Stumptown Coffee sells to California-based Peet's

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PORTLAND, OR (KPTV) -

Peet's Coffee & Tea is buying the popular premium coffee company Stumptown Coffee Roasters, bringing the once independent brand more into the mainstream.

Terms of the deal announced Tuesday were not disclosed.

Stumptown, based in Portland, Oregon, was started in 1999. Investment firm TSG Partners bought a majority ownership position in the company in 2011.

Stumptown now operates 10 stores in Portland, Seattle, New York and Los Angeles and describes itself as a pioneer of the cold-brew coffee movement.

The companies say Stumptown will continue to operate independently but will have access to Peet's resources and scale.

"Stumptown's journey has been about creating a coffee experience that surpasses all expectations," Duane Sorenson, founder of Stumptown Coffee Roasters, said in a release. "I'm excited and confident that Peet's will continue to support our journey in a way that uniquely reflects who we are."

Privately held Peet's, which is based in Emeryville, California, says it hopes to capitalize on Stumptown's leadership position in premium and cold brew coffee.

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