Spindrift Agrees Sale to Gryphon Investors in Strategic Move
Deal News | Jan 14, 2025 | Prolog Ventures LLC
Spindrift Beverage Company, the rapidly-growing sparkling water brand, has entered into an agreement with Gryphon Investors, a private equity firm based in San Francisco, to sell a majority stake in the company. The deal signifies a major change in the company’s governance as it appoints seasoned consumer packaged goods (CPG) executive Dave Burwick as the new CEO. Meanwhile, Spindrift founder and current CEO, Bill Creelman, will transition to the role of chairman of the board. Significantly, Creelman will maintain a key investment in the firm’s future success by retaining a substantial equity stake. The transaction, anticipated to close in the first quarter of the year, highlights Gryphon's investment strategy to expand its portfolio in the booming beverage industry, leveraging CPG expertise to drive growth. This acquisition marks a turning point for Spindrift, poised to broaden its market presence under new leadership and ownership dynamics.
Sectors
- Consumer Packaged Goods
- Private Equity
- Beverage Industry
Geography
- United States – Both Spindrift and Gryphon Investors are based in the U.S., with the latter headquartered in San Francisco.
Industry
- Consumer Packaged Goods – The article is focused on Spindrift, a company within the CPG industry known for its sparkling water products.
- Private Equity – Gryphon Investors' acquisition of Spindrift represents their strategic activity in the private equity sector.
- Beverage Industry – Spindrift operates in the beverage industry, specifically focusing on sparkling water.
Financials
- Not disclosed – The financial terms of the acquisition deal were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Spindrift Beverage Company | Target Company | Company | A beverage company known for its natural ingredient sparkling water. |
| Gryphon Investors | Bidding Company | Company | A private equity firm based in San Francisco acquiring a majority stake in Spindrift. |
| Bill Creelman | Current CEO & Future Chairman | Person | Founder and current CEO of Spindrift, transitioning to chairman of the board. |
| Dave Burwick | Incoming CEO | Person | An experienced executive in consumer packaged goods, appointed as the new CEO of Spindrift. |