Spindrift Beverage, a popular sparkling water company, has announced that it is selling a majority stake to private equity firm Gryphon Investors. This move comes as the company looks to continue its rapid growth in the competitive beverage market. The financial terms of the deal have not been disclosed.
In addition to the stake sale, Spindrift also revealed that former Boston Beer executive Dave Burwick will be taking over as CEO. Burwick will be replacing Bill Creelman, the founder of Spindrift, who will transition to the role of chairman. This change in leadership comes as the company looks to further expand its presence in the market.
Spindrift, which was founded 15 years ago, has gained popularity among consumers looking to reduce their sugar intake while still enjoying flavorful and fizzy beverages. The company’s products, made with sparkling water and real fruit juices, have resonated with health-conscious consumers who prioritize natural ingredients.
Despite facing stiff competition from other sparkling water brands like LaCroix and Bubly, Spindrift has managed to carve out a niche for itself in the market. The company’s focus on quality ingredients and unique flavors has helped it stand out from the competition.
The sale of a majority stake to Gryphon Investors is expected to close in the first quarter of 2025. This move marks a significant milestone for Spindrift, which has seen impressive growth over the years. The company’s value is estimated to be over $650 million, with annual earnings exceeding $25 million.
In a statement announcing the sale, Bill Creelman expressed his pride in the company’s success and expressed confidence in its future growth. He believes that Spindrift will continue to thrive and attract consumers who value natural and high-quality beverages.
Dave Burwick, the incoming CEO, brings a wealth of experience in the beverage industry. With a background in working with global consumer brands like Boston Beer, Peet’s Coffee, and PepsiCo, Burwick is well-equipped to lead Spindrift through its next phase of growth. He is excited about the company’s potential and looks forward to building on its success.
Overall, the sale of a majority stake to Gryphon Investors and the appointment of Dave Burwick as CEO signal a new chapter for Spindrift Beverage. With a strong focus on quality, innovation, and consumer preference, the company is poised for continued success in the competitive beverage market.
