US-based Spindrift Beverage Company has announced the sale of a majority stake to private investment firm Gryphon Investors, alongside the appointment of Dave Burwick as its new CEO.
Spindrift, which is based in Newton, Massachusetts, expects the transaction to close in the first quarter of this year, pending customary closing conditions, a statement said.
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Financial details of the transaction were undisclosed, but a December report from the Wall Street Journal suggested that the deal with Gryphon could be valued at over $650m.
Ryan Fagan, managing director at Gryphon, along with Gryphon partners Matt Farron and Mike Ferry, will get at seat the board of Spindrift following the transaction.
Creelman and the management team are to maintain a “significant equity stake” in Spindrift.
Fagan said: “Spindrift has a strong, beloved brand and differentiated product portfolio because it is made with exceptional thought and care.
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By GlobalData“This attention to quality underlies the company’s outsized share of growth across beverage categories—nearly tripling in size since 2020—and it is what attracted us to invest in the business.”
Spindrift’s deal with Gryphon was announced alongside the appointment of Dave Burwick as CEO.
The company described Dave Burwick as a “beverage industry veteran” with 35 years of experience from global consumer brands.
Burwick’s past roles include president and CEO of The Boston Beer Company, Peet’s Coffee, and president of North America at Weight Watchers.
He also spent 20 years at PepsiCo, holding various executive roles, including chief marketing officer for both Pepsi-Cola North America and Pepsi-Cola International.
Bill Creelman, Spindrift’s founder and current CEO, will transition to the role of chair of the company’s board.
Creelman said: “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 galvanise our market leadership.”
Founded in 2010, Spindrift produces over 20 flavours of sparkling water, teas, lemonades, hard seltzers, and mocktails.
The products are sold through various channels, including grocery and specialty stores, club stores, mass market outlets, and wholesale foodservice companies across the US.
