Peet’s Buys Stumptown Coffee Roasters
Peet’s Coffee & Tea gave the coffeescenti something to buzz about with the announcement on Tuesday that it was buying Stumptown Coffee Roasters, a high-end specialty coffee company that has developed a cult following.
The two companies were careful to say that Stumptown coffee would not be sold in Peet’s cafes or vice versa, and that consumers would most likely see very little sign of their alliance.
“We both fit well under a family of coffee brands run independently and treated as separate businesses but with similar values,” said Joth Ricci, president of Stumptown.
Terms of the deal were not disclosed.
The coffee business, especially at the expensive end, continues to grow at a pace rarely seen in the food and beverage business. Last fall, Starbucks opened a high-end roastery an...