Investment Firm Buys Majority Stake in Spindrift
There are some changes brewing at Spindrift Beverage Co. The Newton, Mass.-based company that makes fruit-flavored sparkling water disclosed that a San Francisco private investment firm, Gryphon Investors, is acquiring a majority stake in the company.
In addition to the updated ownership, Spindrift announced a leadership change. Founder and current CEO Bill Creelman – who created the product in 2010 – will move to a new role as board chair, and will be succeeded as CEO by Dave Burwick.
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The new CEO is a 35-year CPG veteran who has served as president and CEO of The Boston Beer Co., president and CEO of Peet's Coffee, and president, North America at Weight Watchers. He also spent 20 years at PepsiCo in various executive capacities, including as chief marketing officer of Pepsi-Cola North America and Pepsi-Cola International.
"I'm incredibly proud of what we've built at Spindrift over the past 15 years," said Creelman. "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."
Added Burwrick: "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."
Gryphon’s managing director and two of its partners will join the Spindrift board. The deal is expected to close by the end of the first quarter of 2025.
