On Tuesday, Spindrift Beverage Co., Inc. announced that Gryphon Investors, a San Francisco-based private investment firm, will acquire a majority stake in the company. The companies finally reached a deal — the details of which have not been disclosed — after news of a potential sale broke in December 2024.
Coinciding with the partnership, Spindrift’s founder and current CEO, Bill Creelman, will transition to a new role as the chair of Spindrift’s board. Beverage industry veteran Dave Burwick will step in as the company’s new CEO.
Creelman founded Spindrift in his Massachusetts kitchen in 2010, and has grown the brand to be the country’s leading producer of sparkling water made with real squeezed fruit.
“Spindrift has a strong, beloved brand and differentiated product portfolio because it’s made with exceptional thought and care,” Gryphon’s managing director Ryan Fagan said in a press release. “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.” Fagan, along with Gryphon Partners Matt Farron and Mike Ferry, will also join Spindrift’s board.
Burwick brings 35 years of leadership experience at various global consumer brands, having held positions as president and CEO of both Boston Beer Company and Peet’s Coffee. He also spent 20 years at PepsiCo in numerous executive capacities, including as chief marketing officer of both Pepsi-Cola North America and Pepsi-Cola International.
Burwick announced his retirement from Boston Beer Co. in February 2024. In his time at the company he guided the growth of its “beyond beer” category, including helping build two billion-dollar brands: Twisted Tea and Truly.
“I’m excited to join this dynamic team,” Burwick stated in the release. “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.”
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