Intelligentsia Coffee Bought By Rival Peet's

CHICAGO (CBS) -- Twenty years after opening its first boutique coffee bar on the North Side, the owners of Intelligentsia Coffee have sold a majority stake in the company to rival Peet's.

For Peet's Coffee & Tea, it is the second recent purchase of a small, high-end coffee company this month. Seattle-based Stumptown was absorbed by Peets on Oct. 6.

Intelligentsia's founders will still hold a significant stake in the company and it will continue to operate independently.

"If anything, this means we will have more muscle and resources to invest in the things that got us here," Intelligentsia founder Doug Zell said in a blog post.

Calling Peet's the "granddaddy of specialty coffee," Zell hinted that the agreement will allow Intelligentsia to expand more quickly.

"Peet's recognizes that we are special and wants to provide a canvas that will allow more of the world to see the picture we are painting.

"Perhaps a good analogy is we've been showing our artwork at a local gallery and now have an opportunity for a spot at the Louvre."

Intelligentsia runs six coffee bars in Chicago--including the original location at 3123 North Broadway, three in Los Angeles and one in New York.

"Rest assured the only changes that will be made is that we plan on getting better every day," Zell said.