We’re big fans of Stumptown Coffee Roasters here at Stumped in Stumptown. Hey, when the sky’s as gray as it gets in Portland, everyone needs a pick-me-up.
Stumptown Coffee developed a reputation for seriously good beans over the last decade, and Portlanders reveled in its anti-establishment approach to… erm… growing coffee beans.
Now, the news just broke that Stumptown Coffee Roasters has been sold to a private firm.
Duane Sorenson founded Stumptown Coffee Roasters and has lovingly grown the business to its international appeal. A blog on Esquire magazine’s website broke the news that Sorenson sold the company to the highest bidder. Was this the result of an overindulgent caffeine high? Will Stumptown become another Starbucks flavor? Has McDonald’s decided to spruce up its McCafe with McStumped?!
Only time will tell, but this much is certain – Stumptown Coffee Roasters will never be the same.
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Update as of June 1, 2011: The Oregonian reports that Stumptown Coffee Roasters wasn’t sold, they took on investors. According to The Oregonian’s article, there are no plans to change management, and the new funds will help Stumptown expand and introduce iced beverages as well.
Update as of June 2, 2011: The New York Times brings even more details to the story with an interview with Duane Sorenson himself. According to the NY Times’ blog post, Sorenson’s investor is a “buddy of his.” Sorenson had no intention of relinquishing control to an outsider investor, he simply wants to open up the possibilities including additional stores throughout the country. That being said, anytime outside investors are brought into a company, some creative control is lost. Hopefully, Sorenson will be able to maintain his leadership as he guides Stumptown into this new era.
Update as of June 6, 2011 Willamette Week breaks the news that a 90% controlling interest in Stumptown Coffee Roasters has, indeed, been sold to TSG Consumer Partners, “an investment firm famous for buying small companies and then flipping them for a huge markup.” Check out Willamette Week’s in-depth Stumptown story for even more details about how the whole deal came together.
Have a story of love you’d like to share of Stumptown Coffee Roasters? Leave it in the comments.
Source: The End of Stumptown, America’s Hippest Coffee Brand