Stumptown is known for pioneering ready-to-drink cold brew coffee and has 10 shops in Portland, Seattle, New York City, and Los Angeles. Even though Peet’s is buying Stumptown, the companies promise that they will still look like two separate businesses.
“We both fit well under a family of coffee brands run independently and treated as separate businesses but with similar values,” Joth Ricci, president of Stumptown, told The New York Times.
Peet’s took interest in Stumptown because of their bottles of cold brew, and said that the company can help Stumptowngrow in logistics. Terms of the deal were not disclosed.
Just last month, Stumptown released a limited batch of Stephen Colbert-inspired cold brews to celebrate the first episode as host of The Late Show.
“Stumptown is an innovative leader in premium and cold brew coffee,” Dave Burwick, president and CEO of Peet’s Coffee & Tea, said in a statement, “and we're excited to support and further elevate their presence while extending their reach to more consumers.”