Dive Brief:
- Spindrift Beverage has announced a majority stake sale to private equity firm Gryphon Investors, with former Boston Beer head Dave Burwick taking over as CEO.
- Spindrift, known for its low-sugar sparkling water with real fruit flavors, has seen rapid growth in a competitive market dominated by LaCroix and PepsiCo’s Bubly.
- The Wall Street Journal estimates the sale to value Spindrift at over $650 million, marking a successful journey from humble beginnings to a thriving brand.
- Founder Bill Creelman expressed confidence in the brand’s future, citing a commitment to natural ingredients and consumer preference for healthier beverages.
- New CEO Dave Burwick brings extensive experience in the beverage industry, with past roles at Boston Beer, Peet’s Coffee, Weight Watchers, and PepsiCo.
Dive Insight:
Spindrift’s sale to Gryphon Investors and appointment of Dave Burwick as CEO signals a new chapter for the brand, known for its innovative approach to sparkling water.
With a focus on natural ingredients and low sugar content, Spindrift has carved out a niche in a crowded market, attracting loyal consumers and driving impressive growth.
Founder Bill Creelman’s journey from selling water out of his car to a multimillion-dollar sale reflects the brand’s resilience and commitment to quality.
New CEO Dave Burwick’s extensive industry experience positions Spindrift for continued success, with a focus on innovation and meeting evolving consumer preferences.
Overall, Spindrift’s partnership with Gryphon Investors and leadership transition mark a significant milestone for the brand, setting the stage for continued growth and success in the beverage industry.