Peet's Buys Up Stumptown Coffee Roasters

PORTLAND (CBS/AP) -- Peet's Coffee & Tea is buying the popular premium coffee company Stumptown Coffee Roasters, bringing the once independent brand more into the mainstream.

Terms of the deal announced Tuesday were not disclosed.

Stumptown, based in Portland, Oregon, was started in 1999. Investment firm TSG Partners bought a majority ownership position in the company in 2011. Stumptown now operates 10 stores in Portland, Seattle, New York and Los Angeles and describes itself as a pioneer of the cold-brew coffee movement.

The companies say Stumptown will continue to operate independently but will have access to Peet's resources and scale. Privately held Peet's, which is based in Emeryville, California, says it hopes to capitalize on Stumptown's leadership position in premium and cold brew coffee.