Peet's Coffee & Tea To Purchase Oregon-Based Stumptown Coffee Roasters

LOS ANGELES (CBSLA.com) — Peet's Coffee & Tea is expected to buy Stumptown Coffee Roasters, a leader of cold brew coffee.

While the terms of the transaction have not been disclosed, the agreement was announced in a news release issued by Peet's.

"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, which was founded in 1966 in Berkeley, Calif.

Burwick described Stumptown as an "innovative leader in premium and cold brew coffee."

"We're excited to support and further elevate their presence while extending their reach to more consumers," he added.

Peet's says Stumptown will continue to operate independently, while the specialty coffee company pursues its own growth strategy.

"Stumptown's journey has been about creating a coffee experience that surpasses all expectations," said Duane Sorenson, founder of Stumptown Coffee Roasters. "I'm excited and confident that Peet's will continue to support our journey in a way that uniquely reflects who we are."

Stumptown is based in Oregon and operates stores in Portland, Seattle, New York and Los Angeles. It was founded in 1999.