Peet’s Coffee & Tea has agreed to acquire Stumptown Coffee Roasters, a leader in the ready-to-drink cold brew coffee category, from majority shareholder TSG Consumer Partners L.L.C. Financial terms of the transaction were not disclosed.

Under the agreement, Stumptown will operate independently with full access to Peet’s resources and scale, and Peet’s will continue to execute its growth strategy across its retail cafes, wholesale and grocery channels.

Founded in 1999 by Duane Sorenson, Portland, Ore.-based Stumptown operates 10 stores across Portland, Seattle, New York and Los Angeles. The company also sells beans and ready-to-drink cold brew beverages in premium grocery outlets and restaurants across the United States.

“Stumptown’s journey has been about creating a coffee experience that surpasses all expectations,” Mr. Sorenson said. “I’m excited and confident that Peet’s will continue to support our journey in a way that uniquely reflects who we are.”

Peet’s, a specialty coffee company founded by Alfred Peet in 1966, has tripled its growth rate over the past few years through retail expansion into new markets, growth in the single-serve coffee market and the acquisition of Mighty Leaf Tea last year. Peet’s is privately owned by JAB Holding Co.

“It is with great enthusiasm that we welcome Stumptown to the Peet’s family,” said Dave Burwick, president and chief executive officer of Peet’s. “Stumptown is an innovative leader in premium and cold brew coffee, and we’re excited to support and further elevate their presence while extending their reach to more consumers.”