Spindrift Beverage – a leading maker of sparkling water with real squeezed fruit – announced that Gryphon Investors will buy a majority stake in the company. And Gryphon’s partnership coincides with the appointment of beverage industry veteran Dave Burwick as Spindrift’s new CEO. Bill Creelman, Spindrift’s Founder and current CEO, will move to a new role as Chair of Spindrift’s board.
Creelman and the management team will retain a significant equity stake in the company. And the investment, subject to customary closing conditions, is expected to be completed in the first quarter of this year. Additional terms of the transaction were undisclosed.
Spindrift was founded by Bill Creelman in his kitchen in 2010. And since then, the company has consistently achieved exceptional growth as consumers have fallen in love with Spindrift’s unsweetened sparkling waters. The company has been committed to proudly making things the Hard Way with real squeezed fruit.
Ryan Fagan, Managing Director at Gryphon, along with Gryphon Partners Matt Farron and Mike Ferry, will be joining Spindrift’s board. Burwick joins Spindrift following 35 years of leadership experience at global consumer brands. His positions included President and CEO of The Boston Beer Company, President and CEO of Peet’s Coffee, and President of North America at Weight Watchers. He previously spent 20 years at PepsiCo in various executive capacities, including as Chief Marketing Officer of both Pepsi-Cola North America and Pepsi-Cola International.
Kirkland & Ellis acted as legal advisor to Gryphon. Morgan Stanley and Lazard acted as financial advisors to Gryphon. Simpson Thacher & Bartlett and Morgan, Lewis & Bockius acted as legal advisors to Spindrift. Piper Sandler and JP Morgan acted as financial advisors to Spindrift.
KEY QUOTES:
“I’m incredibly proud of what we’ve built at Spindrift over the past 15 years. 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.”
– Bill Creelman, Spindrift’s Founder and current CEO
“Spindrift has a strong, beloved brand and differentiated product portfolio because it’s made with exceptional thought and care. 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.”
– Ryan Fagan, Managing Director at Gryphon
“I’m excited to join this dynamic team. 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.”
– Dave Burwick
