UPDATE: Stumptown Coffee Sold to Peet's

UPDATE 2:45 pm: Stumptown Vice President Matt Lounsbury just called back to confirm that Peet's now has 100 percent ownership of the company, but says that customers can expect "business as usual," and that no Portland jobs will be lost as a result of the sale. There are also no plans for Stumptown products to be sold in Peet's locations, or vice versa. Founder Duane Sorenson will also continue to be involved in the day-to-day operations of Stumptown, according to Lounsbury, and the deal in no way affects Sorenson's other ventures in the restaurant world (The Woodsman, Ava Gene's).

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Original Post:

After a rumor-filled morning, Stumptown Coffee Roasters just confirmed the sale of their company to the California-based Peet's Coffee (itself once a charming specialty destination beloved by Bay Area residents who felt a similar ownership towards it, Peet's founder Alfred Peet first sold it in 1979, and the company eventually went public in 2001) to Eater.

Stumptown already caused a bit of a citywide freakout back in 2011 when news got out that the iconic Portland company, which represents many of the values associated with local pride—from its legendary treatment of employees (hello staff massage therapist) to its artisanal approach to beans and brew—had accepted a majority investment from the New York-based TSG Consumer Partners. Nonetheless, after the dust settled, founder Duane Sorenson's mini empire has carried on in much the same spirit it always has.

Stumptown



More details are expected soon.