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Portland coffee juggernaut and hipster favorite, Stumptown Coffee Roasters is being purchased by another West Coast coffee giant, Peet’s Coffee & Tea, according to The New York Times.
Stumptown owner and founder Duane Sorenson confirmed the deal in an email to Eater on Tuesday afternoon.
“Stumptown’s journey has been about creating a coffee experience that surpasses all expectations. I’m excited and confident that Peet’s will continue to support our journey in a way that uniquely reflects who we are,” Sorenson told Eater in a prepared statement.
Peet’s will purchase ownership of Stumptown from existing shareholders, though purchase price and other terms of the deal have yet to be disclosed.
Despite the deal, both companies have been quick to emphasize that the two chains will operate indepedently.
“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.
According to the Times, one of the main attractions for Peet’s was Stumptown’s success with cold-brewed coffee, the latest crave for coffee aficionados. Stumptown, meanwhile, was attracted by Peet’s fluency with logistics and other growth-oriented capabilities.