Peet’s Coffee & Tea and Stumptown Coffee Roasters have announced an agreement in which Peet’s will acquire ownership of Stumptown from its existing shareholders, including TSG Consumer Partners LLC, which held a majority stake in the company. Stumptown, which operates ten stores across Portland, Seattle, New York and Los Angeles, will continue to operate independently, while having full access to Peet’s resources and scale. “Stumptown has grown significantly over the last five years while maintaining our culture every step of the way, and we are grateful for TSG’s partnership during that time,” said Joth Ricci, President of Stumptown Coffee Roasters. While the terms of the transaction were not disclosed, Peet’s said it would be business as usual across its retail cafés, wholesale and grocery channels. “It is with great enthusiasm that we welcome Stumptown to the Peet’s family,” said Dave Burwick, President and CEO of Peet’s Coffee & Tea. “Stumptown is an innovative leader in premium and cold brew coffee, and we’re excited to support and further elevate their presence.” Burwick said Peet’s has tripled its growth rate over the past few years, driven by its retail expansion into markets such as Chicago and Washington, the continued growth of its K-Cup products, and the acquisition of Mighty Leaf Tea last summer.
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