It looks as though Peet’s Coffee and Tea is out to acquire everyone’s beloved third-wave coffee brands.
Earlier this month, Peet’s Coffee bought out Stumptown Coffee Roasters, much to the chagrin of Portland residents. Now, Peet’s is investing some major money in Chicago-based coffee roasting company Intelligentsia.
Rest assured, Intelligentsia will still operate as an independent business, although The Chicago Tribute notes that the coffee shop will have the opportunity to sell its products in high-end grocery stores around the country.
Peet’s doubling down with Intelligentsia. Never woulda believed it. Go home specialty coffee, you’re drunk.
— Billy Wilson (@baristapdx) October 30, 2015
Peets CEO Dave Burwick and Intelligentsia’s co-founder Doug Zell want to make it clear the investment opportunity is to grow the Intelligentsia brand name in a “super premium” market. Zell explains, “We’re really excited about the possibility this creates. It gives us more muscle and access to resources to help us grow.”
Now that they’ve been acquired by Peet’s Coffee is Intelligentsia going to change its name to Proletariat? #greatjokesVolume2
— todd levin (@toddlevin) October 30, 2015
Although the company hopes to expand its business with the partnership, Peet’s CEO Dave Burwick notes the coffee will not be avaliable everywhere. He states, “Intelligentsia will never be in all 14,000 stores because that’s not appropriate for the brand. But it will be in more high-end stores where the brand belongs” to appeal to the “affluent 18- to 34-year-old clientele.”
Seems like a pretty sound investment, judging by the shop’s constant lines snaking out the door.
[via The Chicago Tribune]