Twitter is blowing up in the wake of a post on Esquire magazine's website, written by coffee importer and critic Todd Carmichael, alleging that Stumptown Coffee Roasters has been sold "to the highest bidder."
"So what will become of culinary coffee's nemesis, Stumptown, now that
it's a big-money "brand" — even if its founder does remain as frontman?" Carmichael wrote.
"Will it continue its role as the leader of all that is hip? If the past
is any indication, there's no hope. Chances are, it will be another in a
long history of promising roasters sold and promptly suffocated by
corporate America, like Torrefazione Italia, Seattle's Best, and Green
Mountain, to name just a few."
Carmichael does not say what person or corporation allegedly purchased the 11-year-old Portland coffee company, cite any sources for the news or give any useful hints. Carmichael is a longtime critic of the specialty coffee industry.
There may be a clue in Stumptown's most recent corporate filing. On April 28, Stumptown Coffee Corp., a foreign business corporation (that is, a business based outside of the state of Oregon), filed an "application for authority." Stumptown Coffee Corp is a distinct entity from Stumptown Coffee Roasters, the Oregon corporation registered to the company's founder, Duane Sorenson, since 2000. It lists as its president and secretary Alexander S Panos, with the address of Stumptown's headquarters on Southeast Division Street.
Panos is a managing director of TSG Consumer Partners, a private equity firm with investments in Vitamin Water and Voss of Norway, among many other companies.
On April 27, Stumptown Coffee Corp. filed an application to assume ownership of the liquor license of the Stumptown cafe at 128 SW 3rd Ave. (A PDF of the application is available.)
Stumptown's director of operations, Matt Lounsbury, has been unavailable for comment.
UPDATE: Comment from Stumptown, State documents and more news here.
From what I've heard through the grapevine, their customer service (to retailers) has been declining for some time. If they "go corporate," just more market share for Coava, Heart, Ristretto, etc.
This too shall pass...
Stumptown makes pretty good beans, but their customer service is dreadful. If I could find their beans more places, I'd be pleased.
How quick the Vultures start circling to see if they can gorge on the mishap of another. Wouldn't want to be a friend of these, could only imagine what they would say behind my back. Give it a rest to see if it is true before spouting off...
Who really cares about this crap? You damned PDX hipsters are truly ridiculous when it comes to coffee. Go "break" another Wu story or something WW.
"Yellow Journalism" (or in today's language "link bait")... a headline that yells "Stumptown Sells Out" (based on an article written by the owner of a Stumptown competitor who has been losing NYC accounts to Stumptown) with a small story that points to Stumptown taking an investment.
BIG NEWS!!! JACKPOT RECORDS CASHES OUT!!!
In today's news we have learned that PDX fave Jackpot Records has arranged for a $100k line of credit with their bank.
I know business is boring - but please... "Selling" is not the same as "Being Invested In".
There doesn't seem to be much information here. The Esquire article is more strange than anything else. I'd like to see some facts before I get into a tizzy over this.
HAHAHA. What, you expected their expansion to NYC, etc. to be part of a "folksy, hip" marketing campaign?
Reality, like Chuck Norris, will punch you when you least expect it.
And seriously--Stumptown's always been an overhyped, over-sold, overly-pretentious hipster fest. Time to put on the Starbucks uniform, dorks.
Why did no one freak out when New Seasons sold to a venture capital firm?
Because NSM didn't sell to a capital firm. They made the company Employee-Owned and are using the capital firm to distribute the benefits.
Thank you for the hilarious post, Welcometo. I laughed my ass off at your comment. Portland's Stumptown love is a bit of a farce.