Portland coffee brand sold

Stumptown Roasters purchased by San Francisco-based Peet’s Coffee & Tea.

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Stumptown Roasters purchased by San Francisco-based 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,” Dave Burwick, president and CEO of Peet’s Coffee & Tea, said in a news release.

Peet’s will obtain ownership of Stumptown from its existing shareholders, including San Francisco private equity fund TSG Consumer Partners LLC, which has held a majority stake in the company since 2011, according to a press release. Terms of the deal were not disclosed.

(SOURCE: OregonLive.com)

Stumptown will maintain its independence, according to the Oregonian.

“Our team and (founder) Duane Sorenson will stay completely intact,” Ricci said. “As we looked at the opportunities together, they’ve really admired what we’ve done as a Portland brand and company and what’s important to them is that it stays that way.”

The Portland brewer’s cold-brew prowess made them an attractive target for acquisition.

“Cold brew is the biggest in coffee across all channels,” Peet’s CEO Dave Burwicksaid in an interview with the San Francisco Business Times this summer. “You can also go to a bar in Austin and get cold brew on a tap, and that elevates coffee to be like a craft beer experience. Millennials are buoying the whole craft beer experience and can with this.”

(SOURCE: Portland Business Journal)

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