Peet's Coffee & Tea to acquire Stumptown Coffee Roasters
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Stumptown, founded in 1999 by Sorenson, is a roaster and retailer based in Portland, Oregon.
Peet's will continue to pursue its own growth strategy, operating "as is" across its retail cafes, wholesale and grocery channels. Terms of the transaction were not disclosed.
Stumptown, founded in 1999 by Sorenson, is a premium coffee roaster and retailer based in Portland, Oregon. The company operates 10 stores across Portland, Seattle, New York and Los Angeles. Stumptown is one of the early pioneers of the cold brew coffee movement and has a superior position in this fast-growing category with its diverse line of ready-to-drink beverages.
Peet's Coffee continues to accelerate its growth in the U.S. premium coffee market.
The company has tripled its growth rate over the past few years, driven by its retail expansion into markets such as Chicago and Washington D.C., continued strong growth of its K-Cup products, and acquisition of Mighty Leaf Tea last summer. ■