Spindrift Beverage Company has reached an agreement for San Francisco-based private investment group Gryphon Investors to acquire a majority stake in the sparkling water brand, and is tapping experienced CPG executive Dave Burwick as its new CEO.
The deal, expected to be closed sometime in Q1 of this year, will see Spindrift founder and current CEO Bill Creelman retain a “significant equity stake” in the company while shifting into a new role as chairman of the board.
Creelman will be joined on the board by Ryan Fagan, managing director at Gryphon, as well as Gryphon partners Matt Farron and Mike Ferry.
Founded in 2010, Massachusetts-based Spindrift hit its stride after early experiments in craft soda evolved into its flagship product: sparkling water blended with fresh squeezed fruit juice, a concept that proved a hit with consumers and retailers seeking a differentiated product within the saturated category. Over the 52-week period ended December 28, 2024, Spindrift dollar sales totaled over $275 million while volume increased 22%, according to Goldman Sachs analysis of NIQ data. The brand has also dabbled in innovation, including Spindrift Spiked hard seltzer.
A Wall Street Journal story in December indicated that a deal with Gryphon Investors could be valued above $650 million.
“I’m incredibly proud of what we’ve built at Spindrift over the past 15 years,” said Creelman in a press release. “For this next stage of growth, we looked for two things: a leader who could understand our business and the brand as natively as the people who work here today and an investment partner with the right financial and operational resources to galvanize our market leadership.
“I have known and respected Dave for nearly a decade, and with his experience and Gryphon Investors’ expertise, I’m confident that we will continue to have tremendous success in growing the brand and inspiring consumers to choose beverages that are based on the belief that the best tastes come directly from nature.”
In tapping Burwick, who will come on board in February, as CEO, Spindrift is bringing in deep executive experience with large CPG brands. In addition to two decades at PepsiCo, Burwick has served as president and CEO of both Boston Beer Company and Peet’s Coffee, as well as president, North America at Weight Watchers. During his tenure at Boston Beer, which concluded last February, he helped develop Truly Hard Seltzer into a billion-dollar brand.
“I’m excited to join this dynamic team,” said Burwick. “Spindrift’s combination of talented professionals, superior products, and loyal customers has created a fantastic brand with a great future — one I can’t wait to be a part of.”
Gryphon Investors’ portfolio includes CPG brands like Dessert Holdings and Eight O’Clock Coffee, as well as investments in other industries.
“Spindrift has a strong, beloved brand and differentiated product portfolio because it’s made with exceptional thought and care,” said Fagan. “This attention to quality underlies the company’s outsized share of growth across beverage categories — nearly tripling in size since 2020 — and it’s what attracted us to invest in the business. We are thrilled to be partnering with both Bill and Dave, as well as the entire Spindrift team.”
Morgan Stanley & Co. LLC and Lazard acted as financial advisors to Gryphon. Simpson Thacher & Bartlett LLP and Morgan, Lewis & Bockius LLP acted as legal advisors to Spindrift. Piper Sandler and JP Morgan acted as financial advisors to Spindrift.