Spindrift Secures Majority Stake Acquisition by Gryphon Investors

Spindrift Beverage Co., known for its sparkling water made with real squeezed fruit, has entered into a significant partnership with Gryphon Investors, a private equity firm headquartered in San Francisco. Gryphon Investors will acquire a majority stake in Spindrift, as the latter seeks to bolster its market leadership with additional financial and operational resources. The transaction is expected to conclude in the first quarter, with co-founder Bill Creelman transitioning to the role of board chair while retaining a significant equity stake alongside the company's management team. The appointment of Dave Burwick, a seasoned beverage industry executive, as CEO underscores the strategic alignment with Gryphon's vision to enhance Spindrift's market competitiveness and extend its growth trajectory. Spindrift's reputation is built on producing flavorful, unsweetened sparkling water, thanks to its commitment to quality and reliance on real fruit. The deal is also supported by extensive advisory contributions from Kirkland & Ellis, Morgan Stanley, Lazard, Piper Sandler, JP Morgan, Simpson Thacher & Bartlett, and Morgan, Lewis & Bockius. As stated by Gryphon's Managing Director, Ryan Fagan, the firm's decision to invest is rooted in Spindrift's demonstrated ability to capture a growing share of the expanding beverage market—a sentiment echoed by the newly appointed CEO, Burwick, who is poised to lead Spindrift into its next growth phase.