Peet’s Coffee & Tea is currently in the process of purchasing fellow West Coast coffee retailer Stumptown Coffee Roasters, Eater reports.
Peet’s headquarters are located in Berkeley, California, and the coffee roasters have been spreading out across the nation in the past few years. It currently has dozens of coffee shops in California, Colorado, Illinois, Maryland, Massachusetts, Oregon, Virginia, Washington, and Washington, D.C.
It has not yet been made clear what Peet’s is planning on doing with this acquisition, whether it’ll simply sell Stumptown products in its already existing locations or open up additional Stumptown storefronts across the country to help its expansion.
Stumptown opened up in Portland, Oregon in 1999. It currently has four locations in the city as well as a few in Seattle, New York, and Los Angeles. The extremely popular brand gained even more attraction when it sold Col’ Brew, limited edition bottles of the roaster’s cold brew, in honor of Stephen Colbert taking over The Late Show.
Stumptown was controlled by private equity firm TSG Consumer Partners who acquired a 90% stake in 2011.
For more on big money flowing into niche coffee, read Coins2Day‘s Erin Griffith’s 2014 profile on Craft Coffee.
