If you've never tried Stumptown Coffee, that's probably gonna change soon.
Berkeley, CA-based java giant Peet's Coffee & Tea announced Tuesday it's acquiring Stumptown Coffee Roasters, the wildly popular independent coffee brand based out of Portland, according to a report by The Wall Street Journal. Somewhere, a hipster swigging a $6 cold brew just did a spit-take.
As the report points out, the deal will bolster Peet's position in the premium coffee arena, and will also open Stumptown up to Peet's larger scale. However, while the company said Stumptown will continue to operate independently, it didn't mention anything about adding to Stumptown's small string of 10 stores across the US -- at least not yet.
"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, said in a statement.
Founded by Duane Sorenson in 1999, Stumptown is a pioneer of the cold brew coffee movement and has grown into one of the leading premium coffee brands in America, along with a few others like Chicago's Intelligentsia Coffee. It currently operates outposts in Portland, Seattle, New York, and LA, and its coffee is carried in cafes, restaurants, and grocery stores throughout the country. Peet's, which is riding its own wave of growth, will take 100% ownership of Stumptown with the purchase, the price of which the company declined to disclose, according to the WSJ report.
Somewhere, Howard Schultz just raised an eyebrow.
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