WSJ: Spindrift Beverage Nearing Sale to Private-Equity Firm

Dec. 5, 2024

Report notes that sparkling beverage manufacturer is in discussions with Gryphon Investors on a deal that could value the company upward of $650 million.

Andy Hanacek

According to a report in the Wall Street Journal, Spindrift Beverage has entered talks to be acquired by private equity in a deal that could fetch more than $650 million for the Newton, Mass.-based sparkling beverage company.

Citing people familiar with the matter, WSJ said that after a competitive auction, Gryphon Investors is now hashing out a deal for Spindrift that could be announced by the end of the year. The privately held business has about $25 million of annual earnings before interest, taxes, depreciation and amortization, the WSJ’s sources told the media outlet.

Spindrift was founded in 2010 by CEO Bill Creelman and promotes that it uses squeezed fruit to make its beverages. Until 2021, it offered only non-alcoholic beverages, but it then launched a hard seltzer product line to capitalize on consumer trends at the time.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.