Majority of Spindrift Beverage Acquired by Gryphon Investors
As rumored a month ago, Spindrift Beverage Co. did indeed get partially bought by a private equity firm; it turned out to be Gryphon Investors, a San Francisco-based private investment firm that will acquire a majority stake in the company. And name new management.
Bill Creelman, Spindrift’s founder and CEO, will move to a new role as chair of Spindrift’s board. Dave Burwick, who retired a year ago after six years as CEO of Boston Beer Co., becomes CEO. Before the Sam Adams beer-maker, he was CEO of Peet’s Coffee and North America president at Weight Watchers. He previously spent 20 years at PepsiCo in various executive capacities, including as chief marketing officer.
The percentage of Gryphon’s stake and the price were not disclosed. Creelman and the management team will retain a significant equity stake in the company. Spindrift, which makes unsweetened sparkling waters with squeezed fruit, was founded by Creelman in his Newton, Mass., kitchen in 2010. Three Gryphon partners will join Spindrift’s board.
About the Author
Dave Fusaro
Editor in Chief
Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.