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Update: Stumptown Hasn't Totally Sold Out
By
Jamie Feldmar
Published Jun 1, 2011
Modified Jun 1, 2011
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By
Jamie Feldmar
Published Jun 1, 2011
Modified Jun 1, 2011
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Yesterday, coffee nerds had their knickers in a twist over rumors that beloved brand Stumptown had been sold to a mysterious "high bidder." Well, breathe easy, caffeine snobs, for today comes word that founder Duane Sorensen is still "very much in charge" of the company, though details are still a bit hazy.
Although Stumptown reps have yet to confirm with us, director of operations Matt Lonsbury told Portland's Willamette Weekly that "Duane has a friend who’s invested some money into Stumptown to help us grow—to open up a couple of cafes, maybe a market. But he’s still very much in charge of the company." And while Lonsbury declined to name the friend, how much money he invested, or if he received any ownership for the investment, fingers are pointing to New Yorker Alexander Stavros Panos of private equity fund TSG Consumer Partners, which has invested in Vitaminwater in the past.
Some sources are speculating that Sorensen is looking to break into the European market, so it would make sense for him to bring in an equity firm. For now, however, feel free to continue enjoying those shade-grown macchiatos at the Ace Hotel, and check out the coffee company's brand-new Stubbies for summer.
Tagged
coffee
scandal
sell out
stumptown
Jamie Feldmar
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