Spindrift Beverage, a popular sparkling water company, recently announced that it will be selling a majority stake to private equity firm Gryphon Investors. This decision was accompanied by the appointment of Dave Burwick, former head of Boston Beer, as the new CEO of Spindrift. The company’s founder and current CEO, Bill Creelman, will transition into the role of chairman as part of this change in leadership.
Founded 15 years ago, Spindrift has experienced rapid growth in the beverage market, particularly among consumers seeking lower sugar options with recognizable ingredients. Despite facing fierce competition from established brands like LaCroix and newcomers like PepsiCo’s Bubly, Spindrift has carved out a niche for itself by offering low-sugar, low-calorie sparkling water infused with real fruits like strawberries, peaches, and grapefruit.
The decision to sell a majority stake to Gryphon Investors reflects a significant milestone for Spindrift, with the company expected to be valued at over $650 million. This strategic move is a testament to the brand’s success and its ability to resonate with consumers looking for natural and refreshing beverage options.
Dave Burwick’s appointment as CEO brings a wealth of experience in the beverage industry, having held leadership positions at Boston Beer, Peet’s Coffee, and Weight Watchers. With a deep understanding of consumer preferences and market dynamics, Burwick is poised to lead Spindrift into its next phase of growth and innovation.
In a statement announcing the sale, Creelman expressed pride in Spindrift’s journey over the past 15 years and his confidence in the brand’s continued success under Burwick’s leadership. Despite facing challenges early on, including production issues and difficulty securing retail partnerships, Creelman’s perseverance and dedication have paid off, leading to Spindrift’s current position as a market leader in the sparkling water category.
Looking ahead, Spindrift remains committed to its mission of offering beverages that are rooted in natural ingredients and authentic flavors. With Burwick at the helm, the company is well-positioned to capitalize on its strong brand reputation and loyal customer base to drive further growth and expansion.
Overall, the partnership between Spindrift and Gryphon Investors, coupled with Dave Burwick’s leadership, sets the stage for an exciting new chapter in the company’s evolution. As the beverage industry continues to evolve, Spindrift is poised to remain a key player in the market, delivering innovative and refreshing products that resonate with consumers seeking healthier and more natural beverage options.