#Gryphon Investors #Spindrift Beverage #Dave Burwick

Spindrift Beverage Co. Partners with Gryphon Investors and Welcomes New Leadership

In a significant move to bolster its market position, Spindrift Beverage Co., Inc., renowned for its sparkling waters enriched with real squeezed fruit, has announced a vital partnership with Gryphon Investors, a prominent private equity firm based in San Francisco. This strategic alliance coincides with the appointment of Dave Burwick as the new CEO of Spindrift, a move anticipated to propel the company into its next phase of growth.

The founder of Spindrift, Bill Creelman, will transition into the role of Chairman of the Board, retaining a substantial equity stake and guiding the brand while Burwick takes the helm. This transition marks the end of an era for Creelman, who started the company in his kitchen back in 2010. He has been instrumental in crafting Spindrift's identity as a leader in the unsweetened sparkling beverage category, all without the addition of sugar or artificial ingredients. Creelman expressed confidence in Burwick's leadership, highlighting his extensive experience in the beverage industry and the significant operational resources Gryphon brings.

Gryphon's investment is set to complete in the first quarter of the year, pending standard conditions. With the partnership, Gryphon aims to leverage Spindrift's strong market position, having tripled its business since 2020 due to its commitment to quality and natural ingredients. Ryan Fagan, a Managing Director at Gryphon, emphasized their enthusiasm for working alongside both Bill and Dave and the existing management team, indicating a deep respect for Spindrift's brand philosophy and product quality.

Burwick's extensive resume includes 35 years in leadership roles among several high-profile consumer brands. His past positions include serving as the President and CEO of The Boston Beer Company and Peet's Coffee, as well as significant executive roles at PepsiCo. Recognized for his marketing acumen and operational effectiveness, Burwick's appointment signals Spindrift’s intent to further enhance its branding strategies and market penetration.

Expressing his excitement about joining the Spindrift team, Burwick noted that the company's unique combination of talented individuals and exceptional products positioned them for a bright future. His vision for Spindrift aligns perfectly with Creelman's commitment to producing beverages that reflect the natural taste and essence of fruit—created without compromise.

Additionally, the expert advice needed for this partnership was well-supported, with Kirkland Ellis acting as Gryphon's legal advisor, while Morgan Stanley and Lazard provided financial guidance. On the side of Spindrift, Simpson Thacher Bartlett and Morgan, Lewis & Bockius were the legal consultants, whereas Piper Sandler and J.P. Morgan advised on financial matters.

About Spindrift

Spindrift Beverage Co., based in Newton, MA, offers sparkling waters crafted from real fruit, delivering a refreshing, natural taste. With a diverse portfolio that now includes over 20 flavors across different categories including teas, lemonades, and hard seltzers, Spindrift has made a name for itself in the fast-growing non-alcoholic beverage sector. The company prioritizes quality through meticulous sourcing of ingredients and an unwavering commitment to their production process, reflecting their brand philosophy of