Pouregon / CC SA

Stumptown Coffee Roasters confirmed on Tuesday, October 6, that the company has been sold to California-based Peet's Coffee & Tea, which now enjoys 100 percent ownership of the iconic Portland brand. This follows an earlier deal, made in 2011, in which New York's TSG Consumer Partners took on a majority investment in the company.

According to Stumptown Vice President Matt Lounsbury, customers can expect "business as usual," with no local jobs lost. There are no plans for Stumptown products to be sold in Peet's locations, or vice versa. Stumptown founder Duane Sorenson will continue to be involved in the day-to-day operations, and the deal in no way affects his other ventures in the restaurant world (the Woodsman Tavern, Ava Gene's, and Roman Candle Baking Company).