Today in the ever-unfolding Stumptown saga: Despite founder Duane Sorenson telling the New York Times last week that rumors of a Stumptown sale were bunk, the intrepid reporters at WWeek have confirmed with industry insiders — including the author of the Esquire article that started it all — that Stumptown's new investor, Alex S. Panos and TSG Partners, claimed to have purchased 90% of the company.
Roaster and blogger Todd Carmichael, whose article "The End of Stumptown, America's Hippest Coffee Brand" started the shitstorm last week, told WWeek: "Alex Panos looked me in the eye and said he purchased 90 percent of Stumptown from Duane [Sorenson] and planned to then fund a big expansion."
The New York Times' Diners Journal, meanwhile, also reports Carmichael's 90% number, and confirms with other small-batch roasters — including the North Carolina-based Counter Culture and Oakland, CA's Blue Bottle Coffee — that Stumptown's new investment partner had expressed interest in their operations, as well. According to WW, Stumptown representatives have now "backed away" from their earlier denials about the sale.
· Stumptown Coffee Has Been Sold, Industry Insiders Tell WW [WWeek]
· Stumptown's New Investor Met with Other Top Coffee Companies [NYTimes]
Image courtesy Mazarine via Flickr